Gorman will become CEO on January 1, 2010, and become a member of the Board of Directors while Mack will continue to serve as chairman. Gorman's current copresident, Walid Chammah, will become chairman of Morgan Stanley International at the end of the year and will continue to be based in London.

In a statement from the firm, Robert Kidder, lead director of the board, said, "Four years ago, we were extremely fortunate to be able to bring John Mack back to Morgan Stanley, given everything he had done to build the Firm and its global franchise. Since then, John has provided invaluable leadership to the Firm -- including, most importantly, successfully guiding Morgan Stanley through last fall's unprecedented financial crisis and positioning the Firm to succeed in today's reshaped market environment."

He added, "After returning to Morgan Stanley in 2005, John effectively stabilized the Firm and reenergized our culture and client franchise. More recently, he helped to strengthen our capital position and repay TARP; oversaw our conversion to a bank holding company; and forged strategic ventures with Smith Barney and Mitsubishi UFJ that will play a key role in growing Morgan Stanley's business for years to come."

According to the statement, Mack told the Board eighteen months ago that he would like to step down from his CEO role after turning 65 this November and the Board has been working on a succession plan since then.

Mack added, "In James Gorman, we have an outstanding leader for Morgan Stanley. He has a proven record of building outstanding teams, executing winning strategies and growing profitable businesses. Succession has been a top priority for me since my return to Morgan Stanley, and I am confident that James is the right person to lead the Firm forward. I look forward to continuing to work with James and all of our colleagues as we take Morgan Stanley to a new level of success. Together, we have accomplished a tremendous amount over the past four years, thanks to the hard work and dedication of everyone at Morgan Stanley. It truly has been a privilege to work at this great Firm -- my home for more than thirty years."

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