It's Gorman's show now, as Mack steps down at Morgan Stanley

Chairman to retire at year's end; CEO will hold down both jobs

Sep 15, 2011 @ 1:55 pm

+ Zoom
((Bloomberg News))

Morgan Stanley, the sixth-biggest U.S. bank by assets, said Chief Executive Officer James Gorman will take the additional job of chairman of the board on Jan. 1 as John Mack steps down.

Mack, 66, is retiring from a full-time role at the New York-based company, leaving the board at year's end to serve as a senior adviser, the bank said today in a statement.

Morgan Stanley is breaking with Citigroup Inc. and Bank of America Corp. by reuniting the CEO and chairman roles under Gorman, who has run day-to-day operations since the start of 2010. His predecessor, Mack, stepped down as CEO after leading the firm through its first quarterly loss in 2007 and the global credit crunch, which toppled Lehman Brothers Holdings Inc.

“His contributions to the firm are innumerable, but none was more critical than the leadership he provided in guiding Morgan Stanley (MS) through a financial crisis that claimed many of our peers,” Gorman, 53, said in the statement. “For more than 30 years, he has helped to define the firm's distinctive culture and build our franchise across the globe.”

--Bloomberg News

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

Events

What does the adviser of the future need in their toolbox?

Advisers continue to embrace all of the new offerings and products the fintech space has to offer. But what else can help them improve their business?

Video Spotlight

Are Your Clients Prepared For Market Downturns?

Sponsored by Prudential

Video Spotlight

Path to growth

Video Spotlight

Path to growth

Latest news & opinion

With margins crashing, broker-dealers look to merge: report

Increased regulation is straining profit margins among broker-dealers, sending many of them into the arms of their bigger brethren.

Hackers may have profited from SEC breach

The hack of the agency's Edgar filing system occurred in 2016, but the regulator didn't conclude until last month that the cybercriminals may have used their bounty to make illicit trades.

Top 10 financial firms ranked by investor satisfaction

Find out which firm took the top slot for overall investor satisfaction for the second year in a row.

What not to say to clients when the markets drop

Here's what advisers should steer clear of saying the next time stocks turn downward.

SEC bars former rep for alleged share price manipulation

George Thoreson tried to keep penny stock's price high to enable Nasdaq listing.