Morgan Stanley announces Ted Pick will serve as next CEO

By Ramishah Maruf, CNN

New York (CNN) — Morgan Stanley announced Ted Pick will serve as its new CEO starting January 1, succeeding long-serving head James Gorman.

Gorman will become executive chairman, the bank announced Wednesday.

Pick had served as co-president of Morgan Stanley for the past two years, the company said. He’s a veteran at the banking giant, also overseeing investment banking, equities, fixed income, capital markets and research. He also co-heads firm strategy. Pick first joined Morgan Stanley in 1990.

Gorman had announced in May he would step down as the company’s CEO within the next 12 months, ending his tenure as one of the longest-serving heads of a US bank. He became CEO of Morgan Stanley in January 2010.

He previously said he would assume the role of executive chairman for “a period of time” to help Morgan Stanley transition to its next era of leadership.

“The Board’s selection of Ted Pick is an outstanding one. I have worked side by side with Ted since the financial crisis and have experienced first-hand his values, intellect, passion and commitment to our people and our clients,” Gorman said in a release Wednesday.

– CNN’s Krystal Hur contributed to this report.

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