Oct 24 (Reuters) - Morgan Stanley ( MS ) said on

Thursday CEO Ted Pick would be its next chair succeeding James

Gorman, who has been tapped to head the board at Walt Disney ( DIS )

after he steps down as executive chair of the Wall

Street titan at the end of the year.

Gorman will also retire from employment at Morgan Stanley ( MS )

and be named chairman emeritus, the statement said. However, he

will serve as non-employee adviser to the bank from January 2025

through the end of 2026.

"I am confident that with Ted's tremendous leadership Morgan

Stanley ( MS ) will continue its strong trajectory to even greater

heights and new successes in the years ahead," James Gorman said

in a statement.

The bank is upholding a Wall Street tradition by

consolidating the roles of CEO and chair - a practice that has

at times come under fire for potentially concentrating too much

power in a single individual.

Supporters, however, argue that such consolidation leads to

quicker decision-making. The lead independent director of the

board can offer sufficient oversight to ensure accountability,

they say.

Although he's relatively new to the CEO seat, he has

certainly been with the company for a long time. There was a lot

of vetting that took place to put him into the CEO role and, by

all measures, so far he has continued in the footsteps of

Gorman, financial services analyst at Argus Research, Stephen

Biggar said.

Pick took the reins at the start of this year after winning

the race to succeed long-time CEO James Gorman.

Pick joined Morgan Stanley ( MS ) in 1990 and ran equity capital

markets during the financial crisis. He was appointed head of

sales and trading in 2015.

Earlier this week, Disney ( DIS ) said that James Gorman would

become chairman of its board on Jan. 2.