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.
