James Gorman Next CEO of Morgan Stanley

At the end of 2009, there will be a new CEO at Morgan Stanley. John Mack, the company’s current Chairman and CEO, will step down and will be replaced by James Gorman. Currently, Gorman is Morgan Stanley’s Co-President. Gorman will also be joining the company’s board of directors.

Mack fully believes that Gorman is the right man for the job.

Said Mack: “John and the Board believe James Gorman is ideally suited to lead Morgan Stanley forward. James has a long track record of developing aggressive strategies backed by strong operating skills and relentless execution.”

The 64-year-old Mack deserves recognition for leading Morgan Stanley through the current economic downturn that took the lives of many financial institutions. In the last few months, Mack has attempted to raise confidence in the company by lowering the number of risks Morgan Stanley makes when trading.

“Morgan Stanley is home to incredibly talented people and a superb culture that are the foundation of its global platform and premier client franchise,” said Gorman. “John Mack has spent thirty years helping to protect and enhance that legacy – most dramatically during last fall’s financial crisis. Thanks to John’s strong leadership, we have enormous opportunities to continue growing Morgan Stanley’s premier institutional business in the transformed market environment we now face.”

Morgan Stanley (Image: Flickr)