Ted Pick, a longtime Morgan Stanley insider, will take over as CEO on January 1, succeeding James Gorman, concluding a closely-watched succession competition in a major Wall Street firm.
Ted Pick, aged 54, is a 33-year Morgan Stanley veteran, currently responsible for the firm's institutional securities division, which encompasses investment banking and trading.
Andy Saperstein and Dan Simkowitz, both Morgan Stanley executives seen as potential candidates for the position, have also received updated titles and expanded duties.
Saperstein, who previously served as co-president alongside Pick, will retain his co-president position and take on the role of head of wealth and investment management.
Simkowitz will receive the co-president title and assume the role of head of institutional securities. Meanwhile, former CEO, Gorman, will transition to the position of executive chairman.
This transition marks the conclusion of one of the lengthiest CEO tenures on Wall Street. Gorman assumed the role in 2010 during a period of uncertainty following the 2008 financial crisis.
Since Gorman became CEO Morgan Stanley's stock has climbed 141%, outperforming all its peers outside of JPMorgan Chase.