It turns out that all the rumors of the resignation or retirement of top dog John Mack turned out to be accurate. Better late than never… Morgan Stanley’s (NYSE: MS) Board of Directors announced today that Co-President James P. Gorman will become the new CEO as many had expected. The effective date will be January 1, 2010.
Mack will continue to serve as Chairman of the Board of Directors after that date, and Gorman will become a member of the Board at the end of this year.
There is another change as it also was announced that Co-President Walid Chammah will become Chairman of Morgan Stanley International at year end and will continue to be based in London.
This is of course news, but many have been expecting this news to hit for around two months or so.
Jon C. Ogg