Morgan Stanley Appoints Ted Pick as New CEO, Effective Jan. 1

Morgan Stanley has announced that Ted Pick, a three-decade veteran of the firm, will be its next chief executive, replacing James Gorman. Pick's appointment concludes an unusually public three-way race for the position, with Andy Saperstein and Dan Simkowitz becoming co-presidents. Pick, who joined Morgan Stanley in 1990, will take over in January and inherit a bank that has undergone significant changes under Gorman's leadership, including a focus on wealth management and acquisitions. The bank's stock has fallen this year, but both Gorman and Pick emphasized that the leadership change does not signal a shift in strategy.