A Changing of the Guard at Morgan Stanley
cityfile · 09/11/09 10:29AMJohn Mack announced plans to step down as Morgan Stanley's CEO at the end of the year. He'll won't be departing the bank entirely: Mack will become Morgan's chairman on January 1, and the chief executive role will be handed over to James Gorman, the former McKinsey consultant and Merrill Lynch exec who joined Morgan Stanley four years ago and now heads up the firm's brokerage business. Mack has been making plans to retire long before the financial crisis battered the bank. But the events of the past year certainly played a role in the change in power, and what sort of legacy Mack will leave behind remains an open question.