Morgan Stanley has named Ted Pick as its next CEO, putting an end to the race to succeed James Gorman at the top of a Wall Street giant

Morgan Stanley's Board of directors on Wednesday announced current co-President Edward "Ted" Pick as the firm's next Chief Executive Officer.

The announcement puts an end to the race to succeed current CEO James Gorman.

Pick is set to pick up the mantle on January 1, 2024, according to a press release.

Pick, a longtime banker, is credited with transforming Morgan Stanley's key equities and fixed-income businesses, Insider's Hayley Cuccinello reported earlier this year. 

"Ted is a strategic leader with a strong track record of building and growing our client franchise, developing and retaining talent, allocating capital with sound risk management, and carrying forward our culture and values," Tom Glocer, lead director of the board said.

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