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U.S. markets recover from steep losses
NEW YORK, May 1 (UPI) -- David Sidwell will retire as chief financial officer of Morgan Stanley at the end of the year, the U.S. investment bank said Tuesday.
Sidwell, 54, will be replaced by Colm Kelleher, head of global capital markets. Christopher Carter, vice chairman of institutional securities, will take Kelleher's capital markets role, Morgan Stanley said in a release.
"David Sidwell has been a key member of our management team at Morgan Stanley and has helped lead the firm through a period of significant change," Chairman and Chief Executive John Mack said in a statement.
Sidwell was a key liaison to investors during the investment bank's 2005 management crisis.
Sidwell, who joined Morgan Stanley in 2004, plans to focus on philanthropic activities.
Kelleher, 49, oversees capital-raising activities for Morgan Stanley's corporate clients. He joined Morgan Stanley in 1989.
He and Sidwell are both British-educated accountants.
Carter, 57, joined Morgan Stanley in London a year ago from the CQS hedge-fund group, where he had been chairman since November 2005.
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