Ted Pick Named Morgan Stanley Chairman

Morgan Stanley has announced that CEO Ted Pick will become the chairman of the board effective January 1, 2025, succeeding James Gorman, who will retire and assume the title of chairman emeritus. Gorman, who has led the bank through transformative years, will continue to serve as a non-employee advisor until the end of 2026. The consolidation of the CEO and chairman roles has been a topic of debate, with proponents arguing it allows for quicker decision-making. Pick, who has been with Morgan Stanley since 1990, took over as CEO at the beginning of this year and has already led the bank to significant earnings growth, with the stock rising 27.8% this year. Gorman will also take on a new role as chairman of the Walt Disney Co. board starting January 2, 2025. This leadership transition is viewed as a move to further solidify Morgan Stanley's position in the global financial landscape.