Morgan Stanley (NYSE: MS) announced today a new, leaner management structure and defined key leadership roles in its Global Wealth Management Group (GWMG). As a result, James P. Gorman, President and Chief Operating Officer of GWMG, has assumed a new role as the Head of National Sales. In this capacity, he will have direct oversight of the Firm's 9,526 Financial Advisors, effective immediately.
Morgan Stanley also announced that the Global Wealth Management Group was consolidating its organizational structure. Previously, there were eight regions with two layers of management between Mr. Gorman and the regional management. Now, there will be four regions and no layers between the regional management and Mr. Gorman. Four seasoned professionals have been appointed as Regional Directors and each will report directly to Mr. Gorman.
The appointments are as follows:
- Margaret Black, the Southern California Regional Director at Morgan Stanley, will become the Regional Director of the Western Region.
- Bill McMahon, the New York Regional Director at Morgan Stanley, will become the Regional Director of the South-East Region.
- Jerry Miller will be the new Mid-West Regional Director. Most recently, Mr. Miller was a Chief Operating Officer for an asset management business at Merrill Lynch. Mr. Miller has held a variety of positions at Merrill Lynch's Private Client Group, including running their largest retail brokerage office and working as a District and Regional Manager.
- Richard Skae will be the new North-East Regional Director. He joins the Firm from Merrill Lynch where he was Regional Director of New York City. Mr. Skae has held a variety of positions at the Branch, District and Regional levels with Merrill Lynch and UBS.
Mr. Gorman said: "While spending time with our Financial Advisors over the last month, I have gained a clearer understanding as to what we need to do to further build our franchise. By overseeing the National Sales organization, I will be able to continue to provide direct leadership to our sales force and ensure that we have the right organizational structure in place to achieve our aspirations and stated goals. I want to make sure that our sales force has the tools and resources they need to be successful and that our Financial Advisors and Investment Representatives deliver a superior client experience consistent with the Morgan Stanley name."
On the new regional sales team, Mr. Gorman said: "Margaret, Bill, Jerry and Richard know what it takes to create a profitable wealth management business. Together they bring over 80 years of collective experience and success to their respective roles. They will each play a key role as we work to further stabilize the business and bring more diversified products and services to our Financial Advisors and our clients. I'm excited about the potential of our wealth management business and believe these changes are an important first step toward realizing the full potential of our franchise."
Morgan Stanley is a global financial services firm and a market leader in securities, investment management, and credit services. With more than 600 offices in 28 countries, Morgan Stanley connects people, ideas and capital to help clients achieve their financial aspirations.