Morgan Stanley's (MS) board of directors announced on Wednesday (October 25) that Co-President Edward (Ted) Pick will serve as the company's Chief Executive Officer (CEO), effective January 1, 2024. James Gorman will become Executive Chairman.

Pick will also join Morgan Stanley's board at that time.

Morgan Stanley also announced that co-President Andy Saperstein will become head of wealth and investment management, and Dan Simkowitz will become co-President and head of institutional securities.