John Mack back as chairperson, CEO of Morgan Stanley

John Mack back as chairperson, CEO of Morgan Stanley

John Mack has been reappointed as the chairperson, CEO of the Morgan Stanley. He now replaces Chairman and Chief Executive Philip Purcell. This is being considered as a result of constant pressure from the former executives and investors for changes at the investment bank. Miles Marsh, the lead director of Morgan Stanley’s board said in a statement: “The board has agreed unanimously that John Mack is uniquely qualified to become Morgan Stanley’s new chairman and chief executive officer.”

John left the company in a power struggle with Purcell and left the firm in 2001. He spoke to the media and talked about his new job: “I look forward to working shoulder-to-shoulder with my colleagues old and new, across all of the firm’s businesses. I am eager to hear and execute their ideas on how we can bring out the best in Morgan Stanley.”

Mack has already worked in the company for almost 30 years. As per the new boss in the company, Morgan Stanley needs to focus on four priorities at this moment. These include hiring the right people for the right jobs, everyone should be working towards a common goal, and the company needs to get their policy worked out to handle the immense global competition in their field. He also said that Morgan needs to work productively with regulators, public officials and other “key constituencies of the firm.

In other news, Stephen Crawford and Zoe Cruz voluntarily retired from the board of the company’s group of board directors. They were considered to be close to Philip Purcell.