Summary
Morgan Stanley announced on March 28, 2019, that Colm Kelleher, the company's President, will retire from his position effective June 30, 2019. This departure marks a significant leadership change for the financial services giant. Investors should note that while Mr. Kelleher is stepping down as President, he will transition into a Senior Advisor role for a period of five years, allowing the company to continue leveraging his experience and expertise, particularly with key clients and strategic matters.
Key Highlights
- 1Colm Kelleher, President of Morgan Stanley, announced his retirement effective June 30, 2019.
- 2Mr. Kelleher will transition to a Senior Advisor role for five years post-retirement.
- 3As Senior Advisor, he will assist with key clients and provide consulting on matters benefiting from his experience.
- 4His 2019 bonus compensation will be prorated and determined by the Compensation Committee.
- 5He will receive an annual compensation of USD 250,000 as Senior Advisor.
- 6The Senior Advisor arrangement includes an office, administrative support, and indemnification.
- 7The Senior Advisor role is contingent on Mr. Kelleher not engaging in "competitive activity" as defined in his deferred compensation awards.
Frequently Asked Questions
Colm Kelleher is the President of Morgan Stanley. He announced his retirement from this role, effective June 30, 2019.
After retiring as President, Mr. Kelleher will serve as a Senior Advisor to the Company for a term of five years. In this capacity, he will work with key clients and provide consulting services.
As a Senior Advisor, Mr. Kelleher will receive an annual compensation of USD 250,000. He will also be provided with an office, administrative support, and indemnification.
Yes, the Senior Advisor arrangement requires that Mr. Kelleher does not engage in "competitive activity" as defined in his 2018 year-end deferred compensation awards. The company also reserves the right to terminate this arrangement at its discretion.