Saying Goodbye: John Mack is Leaving Morgan Stanley (MS) After More Than 30 Years
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Morgan Stanley (NYSE: MS) announced that iconic leader John Mack will step down as Chairman and leave the board by the end of the year after more than three decades with the company.
President and CEO James Gorman was elected by the board as the new Chairman, effective the beginning of 2012.
In 2009, Mack indicated he would serve as Chairman for two years and then move on. "Now the time has come," Mack said.
"I leave knowing that the people of Morgan Stanley have accomplished a great deal these last few years – carrying our company and our clients through the most challenging market conditions of our lifetime, while staying true to the culture and client-centered values that have long defined the Firm," Mack said. "Today, Morgan Stanley is well positioned for the future and continuing to improve its performance across our global franchise. I’m confident that with James’s superb leadership – and the help of the rest of our senior team – the Firm will realize even greater success in the years to come."
President and CEO James Gorman was elected by the board as the new Chairman, effective the beginning of 2012.
In 2009, Mack indicated he would serve as Chairman for two years and then move on. "Now the time has come," Mack said.
"I leave knowing that the people of Morgan Stanley have accomplished a great deal these last few years – carrying our company and our clients through the most challenging market conditions of our lifetime, while staying true to the culture and client-centered values that have long defined the Firm," Mack said. "Today, Morgan Stanley is well positioned for the future and continuing to improve its performance across our global franchise. I’m confident that with James’s superb leadership – and the help of the rest of our senior team – the Firm will realize even greater success in the years to come."
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