MADRID, 26 Oct. (EUROPA PRESS) -

The board of directors of Morgan Stanley has appointed Ted Pick as the entity's new CEO as of January 1, 2024, when he will take over from James Gorman, who after 14 years at the helm of the American investment bank will become in executive president.

"The board has unanimously determined that Ted Pick is the right person to lead Morgan Stanley and build on the success the firm has achieved under the exceptional leadership of James Gorman," said Tom Glocer, lead director of the board, noting that this is from a strategic leader with a strong track record of building and growing client franchises, developing and retaining talent, allocating capital with strong risk management, and promoting our culture and values.

He also recognized that during Gorman's 14 years as CEO, Morgan Stanley has transformed into a solid and balanced financial institution with a long-term sustainable business model. "We are grateful for the tremendous impact he has had on our firm and are grateful that, as CEO, we will continue to benefit from his experience and critical insight," he added.

Pick, 54, has been co-chairman of Morgan Stanley for the past two years. In his role as head of the Institutional Securities Group, he oversees Investment Banking, Equities, Fixed Income, Capital Markets and Research. The executive joined Morgan Stanley in 1990 and was promoted to CEO in 2002.