The announcement of Kelleher's retirement was made in an 8-K filing with the Securities and Exchange Commission on Thursday, March 28.
Kelleher had been with Morgan three decades, after first joining the financial firm in 1989 and working in the U.S., Europe and Asia in a various roles, including head of global capital markets, chief financial officer, and head of corporate strategy where he helped Morgan "navigate the depths of the financial crisis."
"On a personal level, I have to say that every time I have faced an issue of real significance Colm has been the most important person I have sought advice from," wrote chief executive James Gorman in a memo obtained by TheStreet to employees. "I could trust his candor, respect his intellect and always felt he addressed issues for what was in the Firm's best interest."
Kelleher was named president in 2016.
Kelleher will end his tenure as president June 30, when he will become a senior adviser and serve on an "as needed basis, working with key clients and as a consultant with respect to such other matters," according to the firm.
He is expected to work as an adviser for a term of five years, for an annual pay of $250,000.
Kelleher's discretionary bonus for 2019 will be determined at the end the year, said the firm.