By Ramishah Maruf, CNN New York (CNN) — Morgan Stanley announced Ted Pick will serve as its new CEO starting January 1, succeeding long-serving head James Gorman. Gorman will become executive chairman, the bank announced Wednesday. Pick had served as co-president of Morgan Stanley for the past two years, the company said. He’s a veteran at the banking giant, also overseeing investment banking, equities, fixed income, capital markets and research. He also co-heads firm strategy. Pick first joined Morgan Stanley in 1990. Gorman had announced in May he would step down as the company’s CEO within the next 12 months, ending his tenure as one of the longest-serving heads of a US bank. He
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