Morgan Stanely (MS) shareholders rejected a plan on Wednesday that would have created an independent chairman of the board, a position that is currently held by Chief Executive John J. Mack.

The bid to split the chairman and CEO position was voted down by a majority of shareholders, according to the company. A similar vote was also being put to Bank of America Corp. (BAC) shareholders at a meeting Wednesday in Charlotte.

In addition, shareholers also voted to re-elect 11 directors and elect a new director from Mitsubishi UFJ Financial Group Inc. (8306.TO), which last year acquired a stake in Morgan Stanley.