Morgan Stanley has appointed James Gorman as CEO, effective from Jan. 1, 2010, Morgan Stanley reports. He will replace Chairman and CEO, John Mack, who will continue to act as Chairman.

Gorman, who is co-president of Morgan Stanley, will join the bank’s board of directors at the end of 2009. The firm’s other co-president, Walid Chammah, will become Chairman of Morgan Stanley International at year-end and will continue to be based in London.

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