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Sept. 11, 2009 / 11:14 AM

Morgan Stanley chooses new CEO

John Mack of Morgan Stanley joins executives from the financial institutions who received TARP funds testifying before the House Financial Services Committee about how the the Troubled Asset Relief Program (TARP) funds were used on Capitol Hill in Washington on February 11, 2009. (UPI Photo/Roger L. Wollenberg)

John Mack of Morgan Stanley joins executives from the financial institutions who received TARP funds testifying before the House Financial Services Committee about how the the Troubled Asset Relief Program (TARP) funds were used on Capitol Hill in Washington on February 11, 2009. (UPI Photo/Roger L. Wollenberg) | License Photo

NEW YORK, Sept. 11 (UPI) -- New York bank Morgan Stanley said James Gorman, co-president of the bank's global wealth management, will take over as chief executive officer in January.

Current CEO John Mack will keep his chairman position, despite a rough tenure as CEO, The New York Times reported Friday.

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Mack ascended to his top job in 2005, and presided over the bank through the financial crisis in which the firm lost nearly one third of its value, the Times said. More than a year ago, Mack -- who turns 65 in November -- told the bank's board he wanted to resign by the end of 2009.

Gorman said Mack, in spite of the bounces, "came back and stabilized the company and brought back the pride."

"He made the right calls at the right time in an incredibly stressful situation," he said.

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