Morgan Stanley (NYSE: MS) today announced that Erskine Bowles has been appointed Lead Director of Morgan Stanley’s Board of Directors, taking over from C. Robert Kidder effective February 1, 2014.
Mr. Bowles was appointed by the independent directors of the Board. His appointment reflects the Firm’s governance policy of rotating Lead Directors after a period of time.
Mr. Bowles has served as a director since December 2005 and as Chair of the Compensation, Management Development and Succession Committee since 2010. Mr. Bowles was named Co-Chair of the National Commission on Fiscal Responsibility and Reform in 2010, and served as the President of The University of North Carolina from 2006 through 2010.
James Gorman, Chairman and CEO of Morgan Stanley, said, “We are extremely pleased to welcome Erskine as our Lead Director. Erskine brings strong leadership to the Board with over four decades of distinguished experience in financial services and public service. We also want to take this opportunity to thank Bob for his outstanding service over the years, guiding the Board through the financial crisis and the transition to a new CEO. He continues to be a valued contributor to the Board.”
Erskine Bowles added, “I am honored to be appointed the Lead Director at Morgan Stanley, and look forward to working with the Board, our shareholders and our employees to position the Firm for continued success.”
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,200 offices in 43 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.
Note to Editors:
Erskine B. Bowles
Mr. Bowles has been a director since December 2005. 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 M.B.A. from Columbia.