A Morgan Stanley building in New York (Photo: AP)

Morgan Stanley says former Securities and Exchange Commission Chair Mary Schapiro has been elected to its board.

Schapiro, 63, is vice chair of the advisory board of IBM-owned Promontory Financial Group, a risk management and regulatory-compliance consulting firm. Prior to this, she served as the first Chairwoman of the SEC from 2009 to 2012.

The new Morgan Stanley board member also held the post of chief executive officer of the Financial Industry Regulatory Authority (2006-2008). In addition, she was chairman of the CFTC from 1994 to 1996, a commissioner of the SEC from 1988 to 1994, and general counsel of the Futures Industry Association.

“I am delighted to welcome Ms. Schapiro to our board,” Morgan Stanley Chairman and CEO James Gorman, in a statement. “Her leadership experience at the SEC, FINRA and CFTC brings strong finance, risk management and regulatory expertise to the firm. The board, our management and our shareholders will benefit greatly from her extensive experience in government and public policy.”

Schapiro, who will begin serving on Morgan Stanley’s board July 1, also is a member of the boards of directors of General Electric, the London Stock Exchange Group and CVS Health. 

As of March 30, Morgan Stanley has roughly 15,900 financial advisors.