Morgan Stanley Says Klaus Kleinfeld Steps Down From Bank's BoardBy
Morgan Stanley said Klaus Kleinfeld, who stepped down as chief executive officer of Arconic Inc. this week, resigned from the bank’s board of directors.
The departure, effective immediately, was disclosed Friday in a regulatory filing.
“Klaus has been a very valuable member of our board for the past five years, and he will be missed,” Morgan Stanley CEO James Gorman said in an emailed statement. “He helped us through the critical transformation of Morgan Stanley, and I thank him for his dedicated service.”
Kleinfeld, 59, lost his job at Arconic after its board determined he showed “poor judgment” by sending a letter directly to the leadership of an activist hedge fund without approval.