Morgan Stanley: Backing up Mack

John Mack has only had the top job at Morgan Stanley for a couple of years. And he’s still struggling to prove to shareholders that he was the right man for the task. Still, investors should applaud the in vestment bank’s willingness to plan for life without him by replacing its two co-presidents with two more palatable potential successors. The decision wouldn’t have come easily. By putting Walid Chammah and James Gorman in as co-presidents, the bank is parting company with Zoe Cruz, a longtim...