Morgan Stanley Appoints Ted Pick as Next Chair

By Jaiveer Shekhawat and Niket Nishant
(Reuters) – Morgan Stanley announced on Thursday that CEO Ted Pick will succeed James Gorman as chair. Gorman has been selected to lead the board at Walt Disney (NYSE:DIS) after stepping down from his role at Morgan Stanley by the end of the year.

Gorman will retire from Morgan Stanley but will hold the title of chairman emeritus. He will serve as a non-employee adviser to the bank from January 2025 until the end of 2026.

James Gorman expressed confidence in Ted Pick's leadership, stating, "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."

The bank is adhering to a Wall Street tradition by merging the roles of CEO and chair, a practice that has faced criticism for accumulating too much power in one individual. Proponents argue that it allows for quicker decision-making, while the lead independent director can provide necessary oversight.

Although relatively new as CEO, Pick has extensive experience at Morgan Stanley, where he began in 1990. He played a significant role during the financial crisis and has been head of sales and trading since 2015.

Earlier this week, Disney announced that Gorman would become chairman of its board on January 2.