Morgan Stanley Chief Executive Officer Ted Pick will become chairman of the board in January, replacing his predecessor James Gorman.

It is time to hand the reins to the next generation of exceptional talent at Morgan Stanley. It has been an honor and a privilege to have led and been part of Morgan Stanley fo

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.