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
Are You Ahead, or Behind on Retirement? (sponsor)
If you’re one of the over 4 Million Americans set to retire this year, you may want to pay attention. Many people have worked their whole lives preparing to retire without ever knowing the answer to the most important question: are you ahead, or behind on your retirement goals?
Don’t make the same mistake. It’s an easy question to answer. A quick conversation with a financial advisor can help you unpack your savings, spending, and goals for your money. With SmartAsset’s free tool, you can connect with vetted financial advisors in minutes.
Why wait? Click here to get started today!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.