In addition, James Gorman will become executive chairman and co-president Andy Saperstein will become Morgan Stanley head of wealth and investment management.

Dan Simkowitz will also become co-president of the firm and the head of institutional securities.

Tom Glocer, lead director of the board, said: “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 James Gorman’s exceptional leadership. Ted is a strategic leader with a strong track record of building and growing our client franchise, developing and retaining talent, allocating capital with sound risk management, and carrying forward our culture and values. We believe that the Board’s rigorous and well-managed succession process, under the leadership of Dennis Nally, the Chair of our Compensation, Management Development and Succession Committee, has resulted in the appointment of an outstanding CEO while also demonstrating the strength and depth of Morgan Stanley’s leadership talent.

“Over James’ 14 years as CEO, Morgan Stanley has been transformed into a strong 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 thankful that as Executive Chairman we will continue to benefit from his experience and critical insight.”

Dennis Nally, Chair of the Compensation, Management Development and Succession Committee of the Board, added: “After undergoing a multi-year, intentional succession process, we determined that Ted Pick is best suited to be the next CEO of Morgan Stanley. Ted has a deep knowledge of our businesses and understands what is needed to drive their growth. We are highly confident that he is the right person to lead Morgan Stanley and drive growth into the next decade.

“The Board has been fortunate to have been able to draw from a number of excellent candidates. One of the things that sets Morgan Stanley apart is the quality and depth of our talent, and how they embody the Firm’s culture and values.”

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Gorman commented: “For several years I have worked with the Board to ensure an orderly succession, and I feel strongly that now is the time to step aside. The Board’s selection of Ted Pick is an outstanding one. I have worked side by side with Ted since the financial crisis and have experienced first-hand his values, intellect, passion and commitment to our people and our clients. He is battle-tested, understands complex risk, and works very effectively not just in the U.S., but around the globe. In short, he is an outstanding executive and leader.

“I am also delighted that Andy and Dan will take on expanded leadership roles. Both are world-class executives, with outstanding values and intellect. As Co-Presidents of Morgan Stanley, Andy and Dan will be invaluable leaders in helping Ted manage the Firm. Through the transition period and my time as Executive Chairman, I will do everything I can to support Ted as our new CEO.”

Pick continued: “Morgan Stanley is a storied institution, and I am deeply honored to have been chosen to lead it. We have a global diversified business with a leading client franchise. Thanks to James’ excellent leadership, our Firm is now well-positioned to succeed across market cycles, and I am excited about the opportunities for future growth. Morgan Stanley has exceptionally talented people and is home to a deep culture and abiding values. I also want to thank the Board for the confidence they have expressed in me. I look forward to working closely with the Board, Andy, Dan, the rest of the management team and all our employees to continue to serve our clients and shareholders.”