Morgan Stanley’s Ted Pick Will Succeed James Gorman as CEO (3)

Morgan Stanley selected Ted Pick to become its new chief executive officer, succeeding James Gormanafter a 14-year run that reshaped the Wall Street bank.

Pick, a co-president and three-decade veteran of the firm, will be elevated to the top role in January and join the board, the bank said in a statement Wednesday. Gorman, 65, will stay on as executive chairman.

In tapping Pick, 54, the firm is turning to the man credited with spurring a revival in its trading business after a perilous stretch during the 2008 financial crisis — a period when clients ditched Morgan Stanley and ...