Morgan Stanley has announced that Ted Pick, the current Chief Executive Officer, will assume the role of Chairman starting January 1, 2025. This decision was made by the company's Board of Directors.

James Gorman is set to step down as Chairman and leave the Board at the end of 2024. He will also retire from his position at Morgan Stanley and be named Chairman Emeritus.

Ted Pick expressed gratitude for James Gorman's leadership over the past 15 years, stating, “Under James’ extraordinary leadership over the past 15 years, Morgan Stanley has become a world-class global financial institution with a long-term sustainable business model. He has transformed our institution and given it a winning strategy and culture. I would like to thank him for his dedication to our Firm and the guidance and counsel he has personally provided me over the years. I would also like to thank the Board for the confidence they have expressed in me.”

James Gorman remarked on his departure, saying, “It is time to hand the reins to the next generation of exceptional talent at Morgan Stanley. It has been an honor and a privilege to have led and been part of Morgan Stanley for nearly two decades, and I was blessed to work with so many talented, hard-working and values-driven colleagues. I am confident that with Ted’s tremendous leadership Morgan Stanley will continue its strong trajectory to even greater heights and new successes in the years ahead.”