Morgan Stanley (NYSE:MS) today announced that Paul J. Taubman, currently co-President of Institutional Securities, has informed Morgan Stanley of his decision to retire at year-end. Mr. Taubman will retire after a 30-year career at Morgan Stanley. Colm Kelleher, currently co-President of Institutional Securities with Mr. Taubman, will become President of Morgan Stanley’s Institutional Securities division effective January 2013. Mr. Kelleher will continue to report to Chairman and CEO James Gorman.
Morgan Stanley also announced the appointment of Mark Eichorn and Franck Petitgas as Global Co-Heads of Investment Banking with day-to-day responsibility globally for client coverage, M&A and capital markets. They will report to Mr. Kelleher and will both join the Firm’s Operating Committee. Jeff Holzschuh has been appointed Chairman of Institutional Securities and will concentrate on the Firm’s key client relationships globally. Mr. Holzschuh will report to Mr. Kelleher.
Messrs. Eichorn and Holzschuh will also join Morgan Stanley’s Management Committee (Mr. Petitgas is already a member).
Chairman and CEO James Gorman said: “Paul is an outstanding banker and business leader who has made exceptional contributions both to Morgan Stanley and to our Investment Banking franchise during his highly distinguished 30-year career here. In addition, Paul has been an invaluable member of our senior management team and helped Morgan Stanley secure the investment from MUFG in 2008 and has overseen that partnership since its inception. We greatly appreciate the impact he has had on our Firm and wish him every success in his future endeavors.”Adding that Kelleher served with distinction as Morgan Stanley’s CFO in the challenging 2008-2009 timeframe, Gorman continued, “Colm has held multiple challenging roles at the Firm including Head of Global Capital Markets and Global Head of Sales and Trading. He has a successful track record of running key businesses, and is a talented manager who has consistently built world-class client relationships. Colm’s unique skill set and experience make him ideally suited to run the institutional securities division.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV