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.”