FORBES.com NEW YORK — John J. Mack will step down as CEO of Morgan Stanley in January but will continue as chairman, the investment bank announced Thursday.

A year after Lehman, Mack’s Success Apparent

Mack will be succeeded by Co-President James P. Gorman.

Robert Kidder, lead director of Morgan Stanley , said in a statement that Mack told the board 18 months ago he wanted to step back from the CEO role when he turns 65 in November. Mack has led Morgan Stanley for four years.

Morgan Stanley CEO Mack to Be Replaced by Gorman‎ – ABC News

Robert Kidder, lead director of Morgan Stanley, said in a statement that Mack told the board 18 months ago he wanted to step back from the CEO

role when he turns 65 in November. Mack has led Morgan Stanley for four years.

Morgan Stanley has continued to post losses in the wake of the financial crisis, but has repaid the $25 billion in bailout money it got from the government. Mack has come under some criticism for scaling back the company’s risk profile even as rivals like Goldman Sachs have regained momentum as the crisis has ebbed.

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Morgan Stanley CEO John Mack and his wife Christy appear to be the mystery buyers behind last month’s purchase of the limestone carriage house at 165 East 70th Street. The 107-year-old home, which was sold to Mack in “distressed condition” for $13.5 million—and which comes with a 12-car garage, believe it or not—was purchased from Bunny Mellon, the 99-year-old widow of philanthropist Paul Mellon. [NYO]

• Sandy Gallin, the Hollywood talent manager-turned-serial house flipper, is at it again. The onetime manager of stars like Michael Jackson and Barbra Streisand, Gallin has placed his 14-acre estate in Bridgehampton on the market for $32 million.  Read more here

John J. Mack Profile – Forbes.com

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POSTED BY: BBParks

SOURCE:  Forbes.com

Tags: ceo john mack, john mack, john mack stepping down, morgan stanley ceo

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