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Morgan Stanley reshuffles management
0 Comments | AFP, November, 2007
NEW YORK (AFP) — Morgan Stanley said Thursday it was reshuffling its leadership and bidding farewell to retiring co-president Zoe Cruz, long considered a pillar of the major investment bank and a potential successor to CEO John Mack.
Cruz spent 25 years with the company and her retirement was to take effect December 1, the company said in a statement. The other co-president, Robert Scully, was to join a new bureau called the Office of the Chairman, with a focus on global sovereign investors.
Walid Chammah and James Gorman were named the new co-presidents.
The management changes come amid a swell of reshuffling in the banking sector as it struggles to cope with a burgeoning US mortgage crisis. It has also caused the CEOs of Citigroup and Merrill Lynch to...
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