Morgan Stanley ended a widely-watched succession race on Wall Street by naming Ted Pick as its first new CEO in 14 years.
The 54-year-old Pick is a 33-year veteran of Morgan Stanley who currently leads the company's institutional securities division, which oversees investment banking and trading. He previously was global head of sales and trading, where he led a turnaround in the fixed-income trading division.
Morgan Stanley CEO James Gorman will become executive chairman after giving up his CEO role. REUTERS/Brendan McDermid "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," Gorman said in a press release Wednesday. The result offered another sign of persistent struggles on Wall Street despite lots of talk last summer of "green shoots" in mergers, acquisitions, and IPOs.
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