CNBC reports:

Morgan Stanley Chief Executive John Mack is stepping down and will be replaced by James Gorman, one of the investment bank’s co-presidents, CNBC has learned.

Mack will remain chairman of Morgan Stanley, whose management has drawn criticism from some quarters lately after a string of recent losses. These management changes will be taking affect early 2010.

Walid Chammah will replace him as international chairman, CNBC said.

This entry was posted by Stacy-Marie Ishmael on Thursday, September 10th, 2009 at 21:28 and is filed under Capital markets, People. Tagged with john mack, morgan stanley, Walid Chammahwill. Edit this entry.