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Business Briefing

Banking

Morgan Stanley to get new CEO

September 11, 2009|Times Wire Reports

John J. Mack will step down as chief executive of Morgan Stanley in January but remain chairman. He navigated the bank through the height of the financial crisis last year.

Mack, 64, will be succeeded by James Gorman, the head of Morgan Stanley's wealth management business, the bank said. Gorman, 51, was one of the first executives Mack hired when he returned to the firm in 2005. Gorman has been co-president of Morgan Stanley for two years and was a key player in the firm's retail brokerage Morgan Stanley Smith Barney.

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