Morgan Stanley on Wednesday named insider Ted Pick as its chief executive officer, effective Jan. 1, replacing long-time leader James Gorman.
Gorman, who announced in May that he planned to step down within a year, will become the investment bank’s executive chairman.
He joined the Wall Street powerhouse in 2006 and has served as its head for over a decade, building Morgan Stanley into a wealth management powerhouse.
Pick, who joined the company in 1990 and was promoted to Managing Director in 2002, leads the institutional securities division, home to investment banking and trading.
Morgan Stanley also said Andy Saperstein will become the bank’s co-president and head of wealth and investment management, while Dan Simkowitz will take on the role of co-president and head of institutional securities.
Saperstein leads wealth management, which generates the most revenue of Morgan Stanley’s businesses. Strong performances from the unit in recent quarters has helped the firm mitigate a slump in dealmaking.
Simkowitz, a three-decade veteran of the banking industry, is the head of investment management at Morgan Stanley. He is also the co-head of the firm’s strategy and execution.