Morgan Stanley Appoints Ted Pick as CEO, Ending Succession Race

Morgan Stanley has announced that longtime insider Ted Pick will succeed James Gorman as CEO on January 1, ending a closely watched succession race. Pick, a 33-year veteran of the company, currently leads the institutional securities division and previously led a turnaround in the fixed-income trading division. Two other executives, Andy Saperstein and Dan Simkowitz, were also given new titles and responsibilities. Gorman will transition to the role of executive chairman. Since Gorman became CEO in 2010, Morgan Stanley's stock has climbed 141%.