In September, as part of their succession plan for Morgan Stanley, the board of directors announced a decision to split the roles of chairman and chief executive. From January, John Mack who now combines both positions, will continue only as chairman while James Gorman will step up to be chief executive.
Bank of America Merrill Lynch had split the roles before that, appointing long-serving board member Walter Massey as chairman before the resignation of Ken Lewis as chief executive, who had combined the roles in 2001.
It is strange then that, amid all the vilification heaped on Goldman Sachs, so little criticism from regulators or investors seems to attach to Lloyd Blankfein’s double role.
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