Pick beat out two other CEO contenders: Co-President Andy Saperstein and Dan Simkowitz, who has led investment management. : (Bloomberg) -- Morgan Stanley selected Ted Pick to become its new chief executive officer, succeeding James Gorman after 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.