Ted Pick was named to succeed James Gorman in the role. But in its grand tradition of cake and eating, the bank retained Gorman as a non-employee adviser and will pay him $400,000 a year through the end of 2026.

Gorman has already been the subject of numerous glowing accounts of the masterful execution of his own succession planning. After years methodically vetting candidates, he stepped down from Morgan Stanley in January and was seamlessly replaced by current CEO Ted Pick. But beneath the surface Gorman’s superpower is strategy itself.

The bank said CEO Ted Pick would take over the additional position of chairman in Jan. 1, 2025.