Ted Pick, a Morgan Stanley veteran, will succeed James Gorman as CEO of the bank starting January 1, 2024. Pick, who led the bank's institutional securities group, will also join the bank's board. Gorman will remain as executive chairman for an undisclosed period. Pick has been considered the frontrunner for the CEO position due to his experience and success in leading various divisions of the bank. Additionally, Andy Saperstein, global head of wealth management, has been given expanded responsibilities, while Dan Simkowitz is now co-president of Morgan Stanley and head of institutional securities.

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