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 NEW YORK (AP) - John Mack was met with a standing ovation as he walked onto Morgan Stanley's trading floor, a moment that perfectly illustrated why he was named the Wall Street firm's new chairman and chief executive. Mack returned to Morgan Stanley Thursday, bringing the stability of a Wall Street veteran to an embattled firm and promising to seek the return of top employees who left the company under former chairman and chief executive Phil Purcell.
The company's board voted unanimously to name Mack chairman and CEO, a long-rumored appointment thought to appeal to the company's investment bankers and promote internal unity. The company said Mack will take over immediately from Purcell, who announced his retirement June 13 under pressure from investors and his own board of directors over his leadership style and management of the company.
In an interview with The Associated Press, Mack said he would reach out to employees who left the firm during Purcell's watch. Five of the 14 members of Morgan Stanley's executive committee — including veteran mergers-and-acquisitions star Joseph Perella — left the company in late March and early April, many expressing frustration with perceived favoritism from Purcell.
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