Morgan Stanley announce future CEO

by Richard Kilner

Story link: Morgan Stanley announce future CEO

James P. Gorman, the co-president of Morgan Stanley, is to become the bank’s chief executive officer on 1 January 2010, it has been revealed.

John J. Mack, who presently serves as both chairman and CEO, will retain the former post when the latter is occupied by Gorman.

Gorman’s co-president, Walid A. Chammah, is to relinquish that post to become chairman of Morgan Stanley International at the year end.

Director Robert Kidder has thanked Mack for his contribution and commitment to the firm over the last four years.

Kidder went on to state that the Board of Directors had collaborated closely with Mack when he revealed his intention to step down as CEO in order to facilitate the smooth transition necessary for a fluid change of leadership.

Mack has paid tribute to Gorman, and described him as an outstanding leader with a proven record of success who is well-suited for the top job.