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Morgan Stanley's Gorman Extends Tenure as Kelleher Moves Up

  • In senior-level shakeup, Gorman names Colm Kelleher president
  • Gorman said to tell colleagues he'll stay five to seven years
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Gorman Said to Say He'll Stay Five to Seven Years

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James Gorman, after deciding to stay atop Morgan Stanley for at least another five years, elevated one of his two main deputies and prompted the younger to leave rather than wait for a chance to take the helm.

Colm Kelleher, 58, was promoted to president, gaining responsibility for the retail brokerage in addition to his role overseeing investment banking and trading, Morgan Stanley announced Wednesday. Greg Fleming, 52, who led the brokerage, is leaving after six years at the New York-based company.