Corporate Governance

Board of Directors
As of November 1, 2014

James P. Gorman

James P. Gorman
Mr. Gorman is Chairman of the Board and Chief Executive Officer of Morgan Stanley. Mr. Gorman served from 2007 to 2009 as Co-President, with responsibility for the Firm's Wealth Management (Wealth Management), Investment Management and operations and technology functions. Mr. Gorman also served as co-head of corporate strategy from 2007 to 2009. Mr. Gorman joined Morgan Stanley in 2006 as President and Chief Operating officer of Wealth Management. Before that, Mr. Gorman held a succession of executive positions at Merrill Lynch. From 2001 to 2005 he led the company's U.S. and, subsequently, global private client businesses. He joined Merrill Lynch in 1999 as Chief Marketing Officer, and also served as head of Strategy and Research. Previously, Mr. Gorman was a senior partner of McKinsey & Co., and an attorney in Melbourne, Australia. He serves on the Board of Overseers of the Columbia Business School and the Business Council, and is a board member of the Partnership for New York City and the Institute of International Finance, as well as a member of the Financial Services Forum. He is a former board member of the Securities Industry and Financial Markets Association in Washington, D.C., and served as Chairman in 2006. Born in Australia, Mr. Gorman earned a B.A. and law degree from the University of Melbourne and an M.B.A. from Columbia University.

 
Erskine B. Bowles
Mr. Bowles has been a director since December 2005 and was appointed Lead Director by the independent members of the board, effective as of February 2014. He was named Co-Chair of the National Commission on Fiscal Responsibility and Reform in 2010. Mr. Bowles served as President of The University of North Carolina from 2006 through 2010. He has been a Senior Advisor to Carousel Capital, a private investment firm, since September 2001, and served as a Managing Director from March 1999 to September 2001. Mr. Bowles was a General Partner of Forstmann Little & Co., a private investment firm, from March 1999 to September 2001. He served in the Administration of President Clinton as head of the Small Business Administration and White House Chief of Staff. He was the United Nations Deputy Special Envoy for Tsunami Recovery with the rank of Under Secretary General in 2005. Mr. Bowles worked at Morgan Stanley from July 1969 to January 1972. He is a director at Belk, Inc., Facebook, Inc. and Norfolk Southern Corporation. A graduate of The University of North Carolina, he has an MBA from Columbia.
 
Sir Howard J. Davies
Sir Howard J. Davies has been a director since 2004. He is currently non-executive Chairman of Phoenix Group Holdings and a professor at SciencesPo, the Paris School of International Affairs. He was Director of the London School of Economics and Political Science from September 2003 to April 2011. Sir Howard served as Chairman of the U.K. Financial Services Authority (1997-2003), Deputy Governor of the Bank of England (1995-1997) and Director General of the Confederation of British Industry (1992-1995). From 1987 to 1992 he was Controller (CEO) of the U.K. Audit Commission. From 1982 to 1987 Sir Howard worked for McKinsey & Company. He is also a director of Prudential plc.

 

Thomas H. Glocer
Mr. Glocer has been a director since 2013. He served as Chief Executive Officer of Thomson Reuters Corporation, a news and information provider for businesses and professionals, from April 2008 through December 2011 and as Chief Executive Officer of Reuters Group PLC from July 2001 to April 2008. He joined Reuters Group PLC in 1993 and served in a variety of executive roles before being named Chief Executive Officer. He was a mergers and acquisitions lawyer at the law firm Davis Polk & Wardwell from 1984 to 1993. He is also a director of Merck & Co. Inc.

 

Robert H. Herz
Mr. Herz has been a director since July 2012. He served as Chairman of the Financial Accounting Standards Board from July 2002 to September 2010 and was previously a member of the International Accounting Standards Board . He is currently President of Robert H. Herz LLC, providing consulting services on financial reporting matters, and has been a director of the Federal National Mortgage Association (Fannie Mae) since June 2011. In addition, Mr. Herz serves on the Accounting Standards Oversight Council of Canada and as a member of the Standing Advisory Group of the Public Company Accounting Oversight Board. Mr. Herz served as a partner with PricewaterhouseCoopers LLP from 1985 until 2002. He currently serves on the advisory boards of WebFilings LLC, AccountAbility and the Manchester Business School in England. He also is an executive-in-residence at the Columbia University Business School, and a trustee and vice chair of the Kessler Foundation. Mr. Herz holds a Bachelor of Arts degree in Economics from the University of Manchester, England, and is both a U.S. CPA and an English Chartered Accountant.

 

C. Robert Kidder
Mr. Kidder has been a director since 1993. He was non-executive Chairman of the Board of Chrysler Group LLC from June 2009 to September 2011, Chairman and Chief Executive Officer of 3Stone Advisors LLC from August 2006 to June 2011 and a Principal of Stonehenge Partners, Inc. from April 2004 to July 2006. From January 1995 to August 2004, he was Chairman of the Board of Borden Chemical, Inc. (formerly Borden, Inc.) and was its Chief Executive Officer from January 1995 to March 2002. From November 2001 to March 2003, Mr. Kidder was President of Borden Capital, Inc., a company that provided financial and strategic advice to the Borden family of companies. He headed Duracell International Inc. from 1984 to 1995. Mr. Kidder is also a director of Merck & Co., Inc. He serves on the Board of Trustees of Nationwide Children's Hospital, the Wexner Center Foundation, as well as the Governing Committee of the Columbus Foundation.
 

Klaus Kleinfeld
Mr. Kleinfeld has been a director since May 2012. He has served as Chairman and CEO of Alcoa Inc., a producer and manager of primary aluminum, fabricated aluminum and alumina, since 2010. He served as President and CEO from 2008 to 2010 and President and Chief Operating Officer from 2007 through 2008 of Alcoa. Mr. Kleinfeld served for 20 years at Siemens AG from 1987 to 2007, including as CEO and President from 2005 to 2007, a member of the Managing Board from 2004 to 2007, and as President and Chief Executive Officer from 2002 to 2004 and Executive Vice President and Chief Operating Officer in 2001 of Siemens AG's principal U.S. subsidiary, Siemens Corporation. Mr. Kleinfeld is a member of the supervisory board of Bayer AG and serves on the Brookings Institution Board of Trustees. He is Chairman of the U.S.-Russia Business Council.  

 
Jami Miscik
Ms. Miscik has been a director since November 2014. She is currently President and Vice Chairman of Kissinger Associates, Inc., a New York-based strategic international consulting firm that assesses and navigates emerging market geopolitical and macroeconomic risks for its clients. She was the global head of sovereign risk at Lehman Brothers from 2005 to 2008, served at the Central Intelligence Agency from 1983 to 2005 and was Deputy Director for Intelligence from 2002-2005 when she was responsible for the content of the President's Daily Briefing. Ms. Miscik also had been a Senior Advisor for Geopolitical Risk at Barclays Capital. She holds a Bachelor of Arts degree in Political Science and Economics from Pepperdine University, a Master's Degree from the University of Denver's School of International Studies, and an honorary doctorate in public service from the University of Denver. Ms. Miscik is also a director of EMC Corporation, the Council on Foreign Relations, Inc., In-Q-Tel and the American Ditchery Foundation and is a member of the President's Intelligence Advisory Board.
 
Donald T. Nicolaisen
Mr. Nicolaisen has been a director since 2006. He served as Chief Accountant for the U.S. Securities and Exchange Commission from September 2003 to November 2005. Prior to joining the SEC, he was a senior partner at the accounting firm PricewaterhouseCoopers. Mr. Nicolaisen began his career at the firm's predecessor, Price Waterhouse, in 1967, and held a wide range of management and leadership positions, including serving on the firm's U.S. and global boards and leading Price Waterhouse's national office for accounting and SEC services. Mr. Nicolaisen currently serves on the Board of Directors of MGIC Investment Corporation, Verizon Communications Inc. and Zurich Insurance Group.

 

Hutham S. Olayan
Ms. Olayan has been a director since 2006. Ms. Olayan is a senior executive and director of a private multinational enterprise, The Olayan Group, a major investor worldwide as well as a leading diversified business in Saudi Arabia and also serves as president and chief executive officer of Olayan America Corporation, a Group affiliate based in New York. Ms. Olayan holds a bachelor's degree from the American University of Beirut and an MBA from Indiana University. Ms. Olayan's outside affiliations include serving as a director at the Peter G. Peterson Institute for International Economics (since 2004), trustee of the American University of Beirut (since 1993) and overseer of the Memorial Sloan-Kettering Cancer Center (since 2008). She is a member of various advisory councils of non-profit organizations, including The Brookings Institution, Carnegie Middle East Center, US-Middle East Project and The Conference Board. Ms. Olayan is also a founding member of the Arab Bankers Association of North America. She served as trustee of the Conference Board (2002-2008) and as a director of Thermo Electron Corporation (1987-2002).

 

James W. Owens
Mr. Owens has been a director since 2011. From 2004 to 2010, he was the Chairman and Chief Executive Officer of Caterpillar Inc., a manufacturer of construction and mining equipment, diesel and natural gas engines and industrial gas turbines. Mr. Owens served as Vice Chairman of Caterpillar Inc. from December 2003 to February 2004 and as Group President from 1995 to 2003, responsible at various times for 13 of the company's 25 divisions. Mr. Owens joined Caterpillar Inc. in 1972 and served in numerous management positions until 1993, when he was elected Vice President and Chief Financial Officer. Mr. Owens is also a director of Alcoa, Inc. and International Business Machines Corporation. He is a board member of the Council on Foreign Relations and Chair of the Executive Committee of the Peterson Institute for International Economics. Mr. Owens is a trustee of North Carolina State University. He graduated from North Carolina State University in 1973 with a Ph.D. in economics.

 

Ryosuke Tamakoshi
Mr. Tamakoshi has been a director since July 2011. He is a senior advisor of The Bank of Tokyo-Mitsubishi UFJ, Ltd., a position he assumed in June 2010. Mr. Tamakoshi served as Chairman of Mitsubishi UFJ Financial Group, Inc. from October 2005 to June 2010 and as Deputy Chairman of The Bank of Tokyo-Mitsubishi UFJ, Ltd. from January 2006 to March 2008. Before the merger between former Mitsubishi Tokyo Financial Group and UFJ Holdings, Inc., Mr. Tamakoshi was President and Chief Executive Officer of UFJ Holdings, Inc. and also Chairman of UFJ Bank, Ltd. Mr. Tamakoshi began his professional career at The Sanwa Bank, one of the legacy banks of The Bank of Tokyo-Mitsubishi UFJ, Ltd., in 1970 and has over 40 years of experience in the banking industry.

 

Masaaki Tanaka
Mr. Tanaka has been a director since May 2011. He is Representative Director and Deputy President of Mitsubishi UFJ Financial Group, Inc. (MUFG). From May 2011 to June 2012, he was Resident Managing Officer for the United States for MUFG, Senior Managing Executive Officer and Chief Executive Officer for the Americas of The Bank of Tokyo–Mitsubishi UFJ, Ltd. (BTMU), and from July 2010 to May 2011 was Managing Executive Officer and CEO for the Americas for BTMU. From May 2007 to July 2010, Mr. Tanaka was President and Chief Executive Officer of UnionBanCal Corporation and its primary subsidiary Union Bank, N.A., where he served as a director to July 2012. From 1996 to 2004, Mr. Tanaka served in various capacities in the Corporate Planning Division of The Bank of Tokyo-Mitsubishi, Ltd. (BTM). Following the merger of BTM and UFJ Bank, Ltd., which created BTMU, he served as Executive Officer and General Manager of the Corporate Planning Division for the newly combined bank from 2006 to 2007. At BTM, from 2004 to 2006, Mr. Tanaka was Executive Officer and General Manager of the Corporate Banking Division with responsibility for relationships with leading corporations. He was also General Manager of the Corporate Business Development Division where he directed strategic planning and coordination of the company's corporate banking business. Mr. Tanaka began his professional career at the Mitsubishi Bank, a predecessor to BTMU, in 1977 and has over 34 years experience in the banking industry. Mr. Tanaka currently serves on the boards of the U.S.–Japan Council, the Asia Foundation in San Francisco and the Japanese American Foundation in Los Angeles. He also is a member of the board of directors of the Japanese Chamber of Commerce and Industry of New York, where he serves as Executive Vice President.

 

Dr. Laura D. Tyson
Dr. Tyson has been a director since 1997. She has been S.K. and Angela Chan Professor of Global Management, Walter A. Haas School of Business, University of California at Berkeley, since January 2007. She was Dean of the London Business School from January 2002 to December 2006. Previously Dr. Tyson served as Dean of Haas Business School at the University of California at Berkeley from July 1998 to December 2001. She held the Class of 1939 Chair in Economics and Business Administration at the University from January 1997 until July 1998. Dr. Tyson served in the Clinton Administration from January 1993 through December 1996, during which time she served as the President's National Economic Adviser. Dr. Tyson also served as a member of the President's National Security Council and Domestic Policy Council. Prior to her appointment as National Economic Adviser, Dr. Tyson served as the sixteenth Chair of the White House Council of Economic Advisers, the first woman to hold that post. She is a director of AT&T Inc., CBRE Group, Inc. and Silver Spring Networks, Inc.

 

Rayford Wilkins, Jr.
Mr. Wilkins has been a director since 2013. He is former CEO of Diversified Businesses of AT&T, where he was responsible for international investments, AT&T Interactive, AT&T Advertising Solutions, customer information services and the consumer wireless initiative in India. Previously in his career, Mr. Wilkins held several leadership roles at AT&T and its predecessor companies, including Group President of Marketing and Sales at SBC Communications, President and CEO of SBC Pacific Bell, and President and CEO of Southwestern Bell Telephone, among others. He currently serves on the boards of Valero Energy Corporation, América Móvil and YP Holdings LLC. He is also a member of the Advisory Council of the McCombs School of Business at the University of Texas at Austin, where he holds a bachelor's degree.