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Morgan Stanley Announces Leadership Transition

John J. Mack will step down as chairman of ""Morgan Stanley"":http://www.morganstanley.com and leave the board as expected at the end of the year. Mack also will retire from a full-time role at Morgan Stanley and become a senior advisor to the firm at that time.

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James P. Gorman, president and CEO, was elected by the board to also take on the role of chairman, effective January 1, 2012.

Mack has been with Morgan Stanley for more than three decades. He notified the firm back in 2009 that he would serve in the chairman role for two more years and then move on.

""I leave knowing that the people of Morgan Stanley have accomplished a great deal these last few years â€" carrying our company and our clients through the most challenging market conditions of our lifetime,"" Mack said in a statement.

Chairman-elect Gorman, added, ""Morgan Stanley would not be the world-class franchise it is today if not for John Mack's leadership. His contributions to the firm are innumerable, but none was more critical than the leadership he provided in guiding Morgan Stanley through a financial crisis that claimed many of our peers.""

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
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