Effective January 1, 2022, Morgan Stanley has announced that Co-President Ted Pick will assume the role of Chief Executive Officer, succeeding current CEO James Gorman. Gorman, in turn, is expected to transition into the role of Executive Chairman at the investment bank.

During his two-year tenure as Co-President, Pick has also held the positions of Head of the Institutional Securities Group and Co-Head of Firm Strategy. His history with Morgan Stanley dates back to 1990, and he has held various leadership positions within the firm, including Global Head of Sales and Trading, as well as Head of Institutional Equities and Equity Capital Markets.

In a statement, Tom Glocer, the lead director of the Morgan Stanley board, praised Pick as a strategic leader with a proven track record in building and expanding the firm's client base, developing talent, managing capital with sound risk management practices, and upholding the organization's culture and values.

Gorman had previously announced his intention to step down at the company's annual shareholders meeting in May, marking the conclusion of his impressive 14-year tenure. Morgan Stanley has further disclosed that Pick will also join its board of directors.

As part of this leadership transition, Co-President Andy Saperstein will assume the role of Head of Wealth and Investment Management, while Dan Simkowitz will become Co-President and Head of Institutional Securities.

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