Morgan Stanley CEO John Mack has announced he will step down at the end of the year.
The investment bank's co-president, James Gorman, will take over as chief executive, while Mack will continue to serve as chairman. Gorman, who takes over on 1 January 2010, has served as co-president since 2007, working for the bank through one of the most difficult periods in its history. He had previously held senior positions at Merrill Lynch, and holds roles at a number of major legal and educational institutions. Robert Kidder, lead director of the board, says: "Since John told the Board eighteen months ago that he would like to step back from the CEO role after turning 65 th...
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