Morgan Stanley's No. 2 Executive, Colm Kelleher, to Retire
28 Março 2019 - 6:07PM
Dow Jones News
By Liz Hoffman
Colm Kelleher, Morgan Stanley's No. 2 executive, is retiring,
opening a seat whose filling will signal the Wall Street firm's
likely heir apparent.
Mr. Kelleher, who joined Morgan Stanley in 1989, is older than
Chief Executive James Gorman and wasn't seen as a likely candidate
to succeed him. But as the firm's chief operating officer and
president, he has overseen the day-to-day of its dramatic
restructuring over the past decade from a error-prone trading shop
to a stabler financial-services giant.
He was the firm's chief financial officer during the financial
crisis, a near-death experience for Morgan Stanley.
"I could trust his candor, respect his intellect and always felt
he addressed issues for what was in the firm's best interest," Mr.
Gorman wrote in the memo. "His sharp mind, wicked humor and Irish
charm sets him apart in the world of all too often dull business
leaders."
His seat won't be immediately filled, according to an internal
memo reviewed by The Wall Street Journal. The managers of Morgan
Stanley's main businesses -- investment banking, trading, asset and
wealth management -- will report directly to Mr. Gorman in the
interim.
Write to Liz Hoffman at liz.hoffman@wsj.com
(END) Dow Jones Newswires
March 28, 2019 16:52 ET (20:52 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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