Morgan Stanley has announced that Ted Pick, the current CEO, will also take on the role of chair.

This move follows a common practice on Wall Street of combining the CEO and chair positions, which has been criticized for potentially concentrating too much power in one person.

Proponents of this consolidation argue that it can improve decision-making efficiency, while the lead independent director of the board is expected to provide sufficient oversight to ensure accountability.

Ted Pick, who became CEO earlier this year, previously won a competition to succeed James Gorman, the long-time leader.