Morgan Stanley (NYSE:MWD) today announced new leadership roles in Institutional Securities, its largest business. These changes include:
- Walid Chammah, 51, will become Head of Investment Banking, with global responsibility for Morgan Stanley's corporate advisory, underwriting and principal activities businesses. Mr. Chammah was previously Head of Global Capital Markets, an integrated client solution group. Mr. Chammah will also join the Firm's Management Committee.
- Jerker Johansson, 49, Head of the Institutional Equities Division, and Neal Shear, 51, Head of the Fixed Income Division, will retain their current roles and also be Co-Heads of Institutional Sales and Trading, a new position with joint management responsibility for the Institutional Equities and Fixed Income divisions, created to enhance the integration of those businesses.
- Jon Anda, 48, and Franck Petitgas, 44, will become Co-Heads of Global Capital Markets. Mr. Anda was formerly Managing Director and Global Head of Corporate Finance while Mr. Petitgas was Managing Director and Head of Morgan Stanley's Global Capital Markets activities in Europe.
The company said that Cordell Spencer, 42, and Mike Uva, 47, who had been named Co-Heads of Investment Banking in April 2005 would take on new responsibilities within the Investment Banking Division. Mr. Uva will assume a senior coverage role from his base in London, working with many of the Firm's most important clients, while Mr. Spencer will play a major role as Deputy Head of Investment Banking. Mr. Spencer will continue to serve on the Firm's Management Committee and will report to Walid Chammah.
The Firm said it was creating the new position for Mr. Johansson and Mr. Shear to enhance the integration of Morgan Stanley's institutional businesses and improve the delivery of a broad range of capabilities to key clients worldwide. The company said that, as Co-Heads of Institutional Sales and Trading under the new structure, Mr. Johansson and Mr. Shear will maintain distinct equity and fixed income operations. At the same time, they will work to combine those management functions and trading activities that will help drive revenue growth while providing greater efficiency and the use of best practices across the two divisions. Their immediate priority will be to increase new business growth through expanded offerings across a range of equity and fixed income products. Improved integration will provide opportunities for cost reductions by streamlining operations and eliminating duplicative or overlapping functions. Mr. Anda and Mr. Petitgas will continue the integration of the Global Capital Markets business and will work to strengthen the business' role as a bridge between Morgan Stanley's investment banking and sales and trading businesses.
John J. Mack, chairman and chief executive officer, said, "We are moving on all fronts to strengthen Morgan Stanley's leadership team and create the optimum structure for continued success. Today's management and organizational changes are key steps in that process. Walid Chammah has great integrity, a tremendous work ethic and is totally dedicated to the best interests of his clients and Morgan Stanley. We have the strongest and deepest investment banking team in the industry, a position reflected by our leading position in numerous products. Walid is the ideal individual to lead our investment banking business and reinforce our strong competitive position worldwide.
"Jerker Johansson and Neal Shear have displayed outstanding leadership qualities and have mutually supported the growth of our Institutional Equities and Fixed Income Divisions. They will now work together even more closely to provide an integrated approach to client service. Jon Anda and Franck Petitgas have each proven themselves to be leaders in creating innovative financing solutions for clients around the world, and they are superbly qualified to continue the growth of an integrated, efficient Global Capital Markets business. Cory Spencer and Mike Uva have made significant leadership contributions to Morgan Stanley and will continue to do so in their new assignments," Mr. Mack added.
Ms. Cruz said, "We are extremely pleased to announce the appointments of such strong leaders to key positions in Institutional Securities. Walid leads by example and creates strong, client-focused teams that build cohesive client relationships. Jerker and Neal will maximize our potential to grow new business, particularly by working more closely with clients on multi-asset class opportunities. The collaborative structure will also let us manage our cost basis more efficiently, by achieving operating efficiencies derived from eliminating overlap and streamlining technology platforms. Jon Anda and Franck Petitgas bring to their roles complementary and comprehensive expertise to help Global Capital Markets broaden its range of solutions for corporate finance and capital structure issues. The leadership and experience that all of these individuals bring to their new roles is a testament to the depth of talent we have at Morgan Stanley," Ms. Cruz added.
Walid Chammah joined Morgan Stanley in 1993 as head of U.S. Debt Capital Markets. In 1996, he was promoted to worldwide Head of Debt Capital Markets Services. In 2001, Mr. Chammah's responsibilities were extended to include Worldwide Leveraged Finance. Before joining Morgan Stanley, he was a managing director of CS First Boston, responsible for U.S. Taxable Fixed Income Capital Markets and Structured Finance Groups. He had previously been a senior vice president with Blyth Eastman PaineWebber, responsible for liability management swaps. A native of Lebanon, he graduated from the American University of Beirut and received a Masters Degree in International Management from American Graduate School of International Management.
Jerker Johansson joined Morgan Stanley in 1985 as a Summer Associate in Equity Capital Markets and was elected Managing Director in 1995. In 1997, he became Chief Operating Officer of the Institutional Equity Division based in Europe. In January 2002, he became Head of European Equities. He received a master's degree in Economics from the Stockholm School of Economics and earned an MBA from the Stanford University Graduate School of Business in 1986.
Neal Shear, formerly Managing Director and Head of Fixed Income, was also a Managing Director in charge of worldwide commodity trading. He started his career in trading in 1979 at J Aron and Co., joining Morgan Stanley in 1982. Mr. Shear received his B.S. from the University of Maryland and his MBA from Cornell University.
Jon A. Anda joined Morgan Stanley in 1986 and was most recently Managing Director and Head of Corporate Finance in the Americas, encompassing the Firm's generalist investment banking practice and regional offices. From 1999 to 2003, Jon was Global Head of Equity Capital markets and Co-Head of Global Capital Markets after the Firm's debt and equity issuance businesses merged in 2002. He joined Morgan Stanley in 1986 and worked in Equity Capital Markets in New York and in Corporate Finance in Chicago. He was Head of Global Equity Syndicate in New York. He moved to Hong Kong in 1995 and headed both the Asian Institutional Equity and Asian Investment Banking Divisions during his four years in the region. Before joining Morgan Stanley, Mr. Anda spent six years in the Capital Markets Group at Continental Illinois Bank. He graduated from the University of Illinois in 1979 and received a Master of Management in Finance from Northwestern University's Kellogg Graduate School of Management in 1980.
Franck Petitgas was most recently Managing Director and Head of Morgan Stanley's Global Capital Markets activities in Europe, with responsibility for the origination, execution and pricing of Morgan Stanley's European equity and convertible new issue business. He joined Morgan Stanley in 1993 from S.G. Warburg, where he had worked both in London and New York in the areas of equity capital markets and corporate finance. He earned a Master's Degree from Ecole Superieure de Commerce de Paris.
Prior to his recent appointment as Co-Head of Investment Banking, Mr. Spencer held a variety of positions within corporate finance and M&A at Morgan Stanley. He joined Morgan Stanley's Corporate Finance Department in 1985. After receiving an MBA from Harvard Business School in 1989, he returned to the Firm's Corporate Finance Department and joined the M&A department in 1991. He was named a Managing Director in 1998. He served as Operations Officer for the Mergers and Acquisitions Department from 1994 to 1997. He founded the East Coast Technology M&A practice in 1996. He became Deputy Head of Investment Banking in 2002.
Prior to his recent appointment as Co-Head of Investment Banking, Mr. Uva was Head of Investment Banking for Europe and Global Co-Head of the Corporate Finance Department. He joined Morgan Stanley's Corporate Finance Department in New York in 1985 and was named a Managing Director in 1995. Mr. Uva moved to London in 1987, where he was responsible for establishing the firm's European technology, telecom and healthcare practices. Under his leadership, Morgan Stanley has cemented its position as a dominant player in Europe with leading market positions across product areas.
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