Pick took the reins at the start of this year after winning the race to succeed longtime CEO Gorman.
Morgan Stanley said Thursday CEO Ted Pick would be its next chair succeeding James Gorman, who has been tapped toGorman will also retire from employment at Morgan Stanley and be named chairman emeritus, the bank said. However, he will serve as non-employee adviser to the bank from January 2025 through the end of 2026.
“I am confident that with Ted’s tremendous leadership Morgan Stanley will continue its strong trajectory to even greater heights and new successes in the years ahead,” Gorman said in a statement. Ted Pick, who took over as Morgan Stanley CEO this year, will succeed James Gorman, who is retiring at year’s end.The bank is upholding a Wall Street tradition by consolidating the roles of CEO and chair – a practice that has at times come under fire for potentially concentrating too much power in a single individual. Jamie Dimon and David Solomon hold both roles at JPMorgan Chase and Goldman Sachs, respectively.
Supporters, however, argue that such consolidation leads to quicker decision-making. The lead independent director of the board can offer sufficient oversight to ensure accountability, they say.Burger King, Taco Bell, Pizza Hut yanking key ingredient after McDonald's E.coli outbreakAlthough he’s relatively new to the CEO seat, he has certainly been with the company for a long time.
The bank is upholding a Wall Street tradition by consolidating the roles of CEO and chair – a practice that has at times come under fire for potentially concentrating too much power in a single individual.Pick joined Morgan Stanley in 1990 and ran equity capital markets during the financial crisis. He was appointed head of sales and trading in 2015.
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