From the FT:
John Mack is to step down as chief executive of Morgan Stanley, putting an end to a four-year tenure marked by controversy over his strategic decisions and a near-death experience during last year’s financial crisis.
Mr Mack, who will stay on as chairman when he leaves the chief executive post in January, will be replaced by James Gorman, the bank’s co-president in charge of global wealth management, investment management and operations.
The appointment of Mr Gorman, who headed the private client business at Merrill Lynch before joining Morgan Stanley in 2006, underlines the growing importance of wealth management and the retail brokerage business to the future of Morgan Stanley.
This announcement came as a surprise to many.
Read the FT report.