Morgan Stanley Chief Executive Officer Ted Pick will become chairman of the board in January, replacing his predecessor James Gorman.
Gorman had said in May that he would step down at the end of the year, and Pick was expected to replace him in that role.
In a nod of respect to Gorman, the bank said he will take on the title of "chair emeritus" after leaving the board, according to a statement Thursday.
The longtime former CEO was just this week named as chair of the Walt Disney Co. board where he's been helping the company find a successor to Bob Iger.
