Today’s News
Morgan Stanley announced on Thursday that CEO Ted Pick has been appointed as the company’s next chair, taking over from James Gorman.
Image Source: The Wall Street Journal
Morgan Stanley Chairman Emeritus: Gorman’s Advisory Role and Confidence in New Leadership
Gorman, who has been named to lead the board at Walt Disney after stepping down as Morgan Stanley’s executive chair at the end of this year, will also retire from the bank.
However, he will hold the title of chairman emeritus and continue as a non-employee adviser to Morgan Stanley from January 2025 through the end of 2026.
“I am confident that under Ted’s tremendous leadership, Morgan Stanley will continue its strong trajectory to even greater heights and new successes in the years ahead,” Gorman stated. v
This leadership transition continues a longstanding Wall Street tradition of combining the CEO and chair roles, a practice that has faced criticism for potentially concentrating too much power in one person.
Proponents, however, argue that it allows for faster decision-making, with the lead independent director of the board providing necessary oversight to maintain accountability.
Stephen Biggar, a financial services analyst at Argus Research, noted that while Ted Pick is relatively new to the CEO position, he has been with Morgan Stanley for a long time and was thoroughly vetted for the role. “By all measures, he has so far continued in Gorman’s footsteps,” Biggar added.
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