Morgan Stanley CEO James Gorman is to be succeeded by long-time insider Ted Pick on January 1st. This marks the end of a broadly-watched race for succession within one of the largest organizations on Wall Street.

Pick, who is now 54 years old, has been a 33-year veteran at Morgan Stanley and is currently leading the institutional securities division of the company, which looks after trading and investment banking. Previously, he was the global head of trading and sales, where he led a turnaround within the division of fixed-income trading.

Dan Simkowitz and Andy Saperstein, two other company executives who are considered to run the job, also got new responsibilities and titles.

Saperstein, who was the co-president, along with Pick, will keep his title of a co-president and will also become the head of wealth & investment management. Simkowitz is also getting the title of co-president and is becoming the lead of institutional securities. Lastly, Gorman, who is now 64, is set to become the executive chairman.

“For several years I have worked with the board to ensure an orderly succession, and I feel strongly that now is the time to step aside,” Gorman mentioned in the press release on Wednesday.

“The board’s selection of Ted Pick is an outstanding one. He is battle-tested, understands complex risk, and works very effectively not just in the US, but around the globe.”

The lead director of Morgan Stanley, Tom Glocer, said in the same release that the board decided “unanimously” that Pick, indeed, is the correct choice.

“Ted is a strategic leader with a strong track record of building and growing our client franchise, developing and retaining talent, allocating capital with sound risk management, and carrying forward our culture and values,” Glocer added. The announcement about Pick came just a week after Morgan Stanley said that the profits for its third quarter fell by 9% from the previous year as revenue generation from trading and investment banking fell.

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