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
Cash Back Credit Cards Have Never Been This Good
Credit card companies are at war, handing out free rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
