Sep. 15, 2011 at 12:45 PM ET
Morgan Stanley Chairman John J. Mack is stepping down from his role at the end of the year, the company said Thursday.
Mack will retire from his full-time role and become a senior advisor to the firm. He is currently working on a book about leaders and his years on Wall Street, which is scheduled to be published next September, the New York Times said.
Morgan Stanley's board voted on the move Thursday. James P. Gorman, who is currently the bank’s chief executive officer, will take over as chairman on Jan. 1, 2012.
Mack is Morgan Stanley’s former chief executive officer. He became chairman in early 2010, having risen from bond salesman in the 1970s and 1980s before becoming president of the firm in 1993, The Wall Street Journal reported.
Morgan Stanley is one of the world’s top investment banks.