Morgan Stanley's No. 2 Executive, Colm Kelleher, to Retire

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)

Morgan Stanley (NYSE:MWD)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024