Morgan Stanley’s board of directors has announced that Co-President James P. Gorman will become the firm’s CEO, effective January 1, 2010, while Chairman and CEO John J. Mack will continue to serve as chairman.
Gorman also will join Morgan Stanley’s board at year end. He presently serves as chairman of the Morgan Stanley Smith Barney joint venture, which includes 18,450 financial advisors.
Co-President Walid A. Chammah will become chairman of Morgan Stanley International at year end and will continue to be based in London.
“John [Mack] and the board believe James Gorman is ideally suited to lead Morgan Stanley forward,” says Robert Kidder, lead director of the board.