Morgan Stanley Chairman Mack Steps Down

John Mack leaves post as chairman of the board and will retire at the end of the year; he is replaced by CEO James P. Morgan

Morgan Stanley (New York) announced yesterday that John J. Mack will step down as Chairman and leave the board of directors at the end of 2011. Mack also will retire from a full-time role at Morgan Stanley and become a senior advisor to the firm at that time.

James P. Gorman, currently the president and chief executive officer, was elected by the Board to the additional position of Chairman, effective January 1, 2012.

Mack served as CEO of Morgan Stanley from 2005-2009 before handing over the reigns to Gorman.

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio