Return of the Mack to Morgan Stanley

Morgan Stanley’s Board of Directors has elected John Mack as the company’s Chairman of the Board and CEO to replace Philip Purcell who announced his retirement a couple of weeks ago.

Mr. Purcell has served as Chairman and Chief Executive Officer of Morgan Stanley since 1997, and is now leaving with the election of John Mack.

“The Board has agreed unanimously that John Mack is uniquely qualified to become Morgan Stanley’s new Chairman and Chief Executive Officer,” said Miles Marsh, the lead director of the Board.

“He has the singular combination of experience, strategic insight and leadership ability needed to bring together the people of Morgan Stanley and improve profitability across the Firm,” added Marsh. “Throughout his career, John Mack has forged cohesive teams that deliver substantial results for shareholders.”

Mack was previously at Morgan Stanley for about 30 years. He was the President and Chief Operating Officer, as well as a Director. Earlier this year, he joined Pequot Capital Management, and before that worked at Credit Suisse Group.

“I am proud to return home to the world’s premier financial services company and to the most talented team on Wall Street,” said Mack. “I am eager to hear and execute their ideas on how we can bring out the best in Morgan Stanley and continue delivering innovation for our clients, growth for our shareholders, and opportunity for our employees.”

“I see four key priorities for our Firm,” he added. “First, we need to ensure that we have the right people in place and that everyone is working together as a united team toward common goals. Second, we must ensure that we have the right strategy to enhance profitability in the face of intense global competition. Third, we need to focus relentlessly on our clients, delivering them the outstanding service and innovative solutions they expect from Morgan Stanley. And finally, we must assure productive working relationships with regulatory and public officials and other key constituencies of the Firm.”

Mack graduated from Duke University, where he remains a member of the Board of Trustees. He is also the Chairman of the Board of Trustees of New York-Presbyterian Hospital, the University Hospital of both Columbia and Cornell.

Chris is a staff writer for murdok. Visit murdok for the latest ebusiness news.