NEW YORK — John J. Mack will step down as chief executive of Morgan Stanley in January but will continue as chairman, the investment bank announced Thursday. He will be succeeded by co-president James P. Gorman.
Robert Kidder, lead director of Morgan Stanley, said in a statement that Mack told the board 18 months ago he wanted to step back from the CEO role when he turns 65 in November. Mack has led Morgan Stanley for four years.
Morgan Stanley has continued to post losses in the wake of the financial crisis but has repaid the $25 billion in bailout money it got from the government. Mack has come under some criticism for scaling back the company’s risk profile. The Associated Press
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James Gorman
Co-president, becomes chief executive; chairman of the Morgan Stanley Smith Barney joint venture with Citigroup
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John Mack
Steps down as CEO, remains chairman; worked his way up after joining Morgan Stanley as a salesman in 1972
