Morgan Stanley chief to step asideSeptember 11th, 2009 - 10:42 am ICT by IANS
New York, Sep 11 (DPA) Morgan Stanley investment bank chief John Mack will step aside at the end of the year, the company announced late Thursday in New York.
The 64-year-old will be succeeded by James Gorman, 51, who is currently co-president of the firm.
Mack will remain chairman of Morgan Stanley’s board of directors.
Mack, chief executive since 2005, guided the firm through the current financial crisis, which claimed fellow leading investment banks Bear Stearns, Lehman Brothers and Merrill Lynch.
In September 2008, at the height of the panic after Lehman collapsed, Mack led Morgan Stanley’s conversion from investment bank to bank holding company. The move made available loans from the US government, which have since been repaid.
Tags: bank chief, bank holding company, bear stearns, board of directors, chief executive, chief john, co president, dpa, financial crisis, investment bank, investment banks, james gorman, john mack, lehman brothers, merrill lynch, morgan stanley, s board, sep 11, us government, york sep