Ted Pick to replace James Gorman at Morgan Stanley

New Morgan Stanley CEO Ted Pick.

NEW YORK: Morgan Stanley named insider Ted Pick as its chief executive officer, replacing James Gorman (pic), who has held the top job for more than a decade and steered the bank in the aftermath of the 2008 financial crisis.

Pick, 54, is a three-decade company veteran and heads the institutional securities division, home to the bank’s investment banking and trading unit.