Morgan Stanley (NYSE:MS) announced that co-president Ted Pick will succeed James Gorman as CEO starting in 2024.
The group initially announced in May that Gorman intended to step down within a year, adding that it planned to choose one of the bank’s three main division leaders as his successor.
Pick has served as the bank’s co-president for the past two years and led its institutional securities group, according to reports.
He will also join Morgan Stanley (NYSE:MS)’s board, on which Gorman will retain his role of executive chairman.
Shares of Morgan Stanley were flat in extended trading.
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