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Morgan Stanley Taps Mack as CEO





Morgan Stanley: We have a Pope!

From Wall Street Journal:

In a dramatic turnaround and concession of past mistakes, Morgan Stanley's board Thursday morning, as widely expected, brought back storied Wall Street leader John Mack as its new chairman and chief executive Thursday to replace his longtime rival, Philip Purcell.

The board, battered by criticism that it stood too long behind an ineffective and divisive CEO, this time went with a leader who is in most every way Mr. Purcell's opposite. Mr. Mack is a charismatic leader and quintessential Wall Street dealmaker, with a stern but Southern manner and knack for connecting people.

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