Ted Pick Named Chairman of Morgan Stanley, Succeeding James Gorman

Morgan Stanley consolidates leadership roles as James Gorman moves to Disney's board.

Ted Pick, who became CEO of Morgan Stanley earlier this year, will now also serve as chairman.
James Gorman, the outgoing chairman, will retire but continue as a non-employee adviser through 2026.
The consolidation of CEO and chairman roles at Morgan Stanley follows a common Wall Street practice.
Critics of this consolidation warn of potential power concentration, while supporters cite quicker decision-making.
James Gorman is set to become chairman of Disney's board starting January 2, 2025.