Morgan Stanley has announced a number of leadership appointments to take effect on January 1, 2010. James Gorman will become CEO and president of the firm, succeeding John Mack, who will step down as CEO, while continuing to serve as chairman of Morgan Stanley.
Colm Kelleher, who previously served as chief financial officer and as head of global capital markets, and Paul Taubman, previously global head of investment banking, will serve as co-presidents of institutional securities. Mr Kelleher will oversee the sales and trading business and Mr Taubman wil focus on investment banking, and both jointly oversee global capital markets.
Ruth Porat, who previously served as global head of the financial institutions group, will serve as chief financial officer. Thomas Nides, who currently serves as chief administrative officer, will take on additional responsibilities as the firm’s chief operating officer, including overseeing firmwide operations and technology. Jim Rosenthal, who currently serves as head of firmwide technology and operations, will serve as chief operating officer of Morgan Stanley Smith Barney and head of corporate strategy for Morgan Stanley.
As previously announced, Walid Chammah will serve as chairman and CEO of Morgan Stanley International and continue acting as a key adviser to Mr Gorman and the rest of the senior management team.
Mr Chammah will chair a new international operating committee comprising regional heads throughout Europe, Latin America and Asia, and will continue to leverage his client relationships around the world. In this role, Owen Thomas, CEO for Asia, will report to Mr Chammah.
Charles Johnston, Ken deRegt and Gary Lynch will continue in their current roles as president of Morgan Stanley Smith Barney, Morgan Stanley chief risk officer and Morgan Stanley chief legal officer, respectively. Mitch Petrick will step down from his position as global head of institutional sales and trading on December 31, 2009. Controller Paul Wirth is being promoted to the position of finance director.
Mr Gorman said: “Morgan Stanley has an incredible depth of talent and strong momentum across our businesses. Looking ahead, we must accelerate our business momentum by continuing to revitalize our sales and trading franchise, bringing together the full range of the firm’s products and ideas to meet the needs of our clients, and further bolstering our risk management capabilities, which will benefit from the highly complementary skills that Mr Kelleher, Mr Porat, Ken deRegt and Mr Taubman bring to their respective roles.
“These appointments will ensure that we are leveraging our most experienced leaders in the best way possible to achieve these important goals. I have worked closely with each and every one of the talented individuals being named, and I am confident that they are the right team – with the right skills – to help us lead Morgan Stanley forward.”
