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SUNDAY, NOVEMBER 22, 2009
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Mack Steps Down as Morgan Stanley CEO

Ends tumultuous 4 years, including bank's near collapse

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(Newser) – John Mack is stepping down after 4 years as CEO of Morgan Stanley, the bank that nearly succumbed at the height of the financial crisis. Morgan Stanley has seen its reputation suffer in recent years after ill-advised moves into real-estate-backed assets that cost the bank billions, raising questions about Mack's approach to risk. The new CEO will be James Gorman, promoted from co-president in charge of wealth management; Mack will remain chairman.

Stock prices scroll on the facade of Morgan Stanley headquarters in New York.
Stock prices scroll on the facade of Morgan Stanley headquarters in New York.   (AP Photo/Richard Drew, File)
James P. Gorman will succeed John J. Mack as CEO effective Jan. 1, 2010, the investment bank announced Thursday, Sept. 10, 2009. Mack will continue as chairman.
James P. Gorman will succeed John J. Mack as CEO effective Jan. 1, 2010, the investment bank announced Thursday, Sept. 10, 2009. Mack will continue as chairman.   (AP Photo/Morgan Stanley)
Morgan Stanley Chairman and Chief Executive Officer John J. Mack testifies on Capitol Hill in Washington, before the House Financial Services Committee.
Morgan Stanley Chairman and Chief Executive Officer John J. Mack testifies on Capitol Hill in Washington, before the House Financial Services Committee.   (AP Photo/Lawrence Jackson, file)
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bewilderbeast
Sep 11, 09 6:00 AM CDT
So just how large a golden handshake will HE be getting then? Reply
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wwwonderer
Sep 11, 09 11:37 AM CDT
He still has his chairmanship. I'm sure there will be something for him. I often said why hire these clowns to ruin a company for multi-$millions. I'm thinking of getting an MBA and becoming the discount CEO. I'll fuck up anyone's organization, in record time for a mere $500K. C'mon. That's a steal!
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bewilderbeast
Sep 11, 09 6:53 AM CDT
I like FARK.com's (probably true) prediction: He has decided to go into packaging and bundling his kid's lemonade stand into collateralized debt obligations. Reply
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wwwonderer
Sep 11, 09 11:17 AM CDT
In a metaphorical context of the greed of the financial world, I liken it to cancer. Wouldn't it be wise for an INTELLIGENT cancer to not totally consume the host, thus ensuring the both of their survivals. But consuming the host non-stop, unabashed leaves BOTH the host and the cancer dead. Did ANYONE exercise restraint? I'm sure those that did will not get the exposure or notoriety equal of the greedy idiots. Unreal. Reply
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