Newly resigned Morgan Stanley Chairman and Chief Executive John Mack says that there were no tensions between he and the company’s board that led him to step down from his CEO position, according to the Wall Street Journal. Mack, who said yesterday that he would leave his executive position (while retaining his chairmanship) at year’s end, said in an interview with CNBC that the decision to reduce his authority had been discussed for the last 18 months. Mack called his CEO replacement, James Gorman, “the right candidate.” Mack said that the firm’s business model wouldn’t change significantly in response to the change in leadership.
Morgan Stanley’s Mack: Stepping Down Planned, Not Forced
Morgan Stanley’s departing CEO states that his leaving the company was part of an orderly plan, and not the result of any tensions or disagreements with his board of directors.
September 14, 2009