U.S. investment bank Morgan Stanley (MS) has named chief executive officer (CEO) Ted Pick as its new board chair.
The New York-based bank said that Pick will succeed James Gorman, the current chair of Morgan Stanley’s board of directors, at the end of this year.
Gorman had previously been Morgan Stanley’s CEO before Pick replaced him at the start of 2024. Gorman is moving to lead the board of directors at Walt Disney Co. (DIS).
Most investment banks on Wall Street consolidate the roles of CEO and board chair. Some investors and analysts frown on the practice, claiming it concentrates too much power with a single person.
Ted Pick’s rise to board chair comes at a time of growth for Morgan Stanley.
The investment bank recently reported strong financial results for this year’s third quarter, sending its stock to an all-time high.
The Wall Street firm is benefitting from growth in its wealth management division and stock trading with equity markets at record highs.
Morgan Stanley, and other investment banks, are also getting a lift as mergers and acquisitions (M&A) and initial public offerings (IPOs) return after a downturn coming out of the pandemic.
The stock of Morgan Stanley has gained 27% so far in 2024 and currently trades at $119.17 U.S. per share.
