Morgan Stanley Names Ted Pick as Next Chief Executive

Morgan Stanley said Wednesday that it named Ted Pick as its next chief executive to succeed longtime CEO James Gorman, ushering in a new era for the Wall Street powerhouse.

Pick, who leads Morgan Stanley’s investment-banking and trading operations, was one of three finalists selected as possible successors for Gorman, who said in May that he would step down from the CEO role he has held since 2010.