Ted Pick, co-president of Morgan Stanley, speaks during a Bloomberg Television interview in New York, US, on Thursday, Oct. 26, 2023.
Jeenah Moon | Bloomberg | Getty Images
Morgan Stanley said on Thursday CEO Ted Pick would be its next chair succeeding James Gorman, who has been tapped to head the board at Walt Disney after he steps down as executive chair of the Wall Street titan at the end of the year.
The bank is upholding a Wall Street tradition by consolidating the roles of CEO and chair – a practice that has at times come under fire for potentially concentrating too much power in a single individual.
Supporters, however, argue that such consolidation leads to quicker decision-making. The lead independent director of the board can offer sufficient oversight to ensure accountability, they say.
Pick took the reins at the start of this year after winning the race to succeed long-time CEO James Gorman.
