As was reported earlier this week by Charlie Gasparino, John Mack plans to step down as Chairman of Morgan Stanley at the end of the year, at which time CEO James Gorman will inherit the gig. Will he share the wealth by appointing an underling president when he's done with the title? For anyone hoping they'd get the call (such as rumored candidates like Colm Kelleher, Paul Taubman and Gregory Fleming), don't hold your breath 'cause it ain't happening. James Gorman don't need no stinking wingman and even if he did, no one's demonstrated that they're ready for that kind of responsibility yet.
...people familiar with Mr. Gorman’s thinking say he has no intention of filling the post anytime soon. In fact, he could wait years before doing anything, the people say. Mr. Gorman, 52, is a relatively new chief executive who got the job early last year, and these people say he does not see the need to publicly anoint a second in command. He also knows that should he pick a president or co-presidents, it may ruffle feathers. “It’s too early to give anyone that type of promotion,” said a UBS stock analyst, William Tanona. “Mr. Gorman needs to get some decent quarters behind him before doing anything like this. The company is going through a transition phase with new people, and there is still a lot to be worked out.”
Also not lost on Big James Not Jim is that putting off naming anyone president will keep everyone hungry.
By waiting to pick a president, Mr. Gorman can monitor the performance of each deputy, keeping them in healthy competition with each other.
Let's see which one of you really wants this thing.
Morgan Stanley's Next Number 2, The Guessing Game [Dealbook]
