NEW YORK -- U.S. investment bank Morgan Stanley said on Tuesday Chief Financial Officer David Sidwell, the last senior executive who served under former Chief Executive Philip Purcell, will retire at the end of this year.
Colm Kelleher, currently head of global capital markets, will succeed Sidwell and join the investment bank's management committee.
Sidwell, 54, "provided outstanding service to Morgan Stanley through a period of significant change at the firm," Chief Executive John Mack said in an internal memo.
Mack succeeded Purcell in June 2005 after years of poor performance and a management shake-up sparked protests by shareholders and an exodus of executives. Within months, Mack made a clean sweep of the executive suite, replacing division heads and top level officers from the Purcell era.
The exception was Sidwell, whom the bank credits with developing Morgan Stanley's current strategy and boosting financial performance through increased risk-taking and better management of the firm's capital.
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Prior to Morgan Stanley, Sidwell spent nine years at accounting giant PricewaterhouseCoopers and 20 years at JPMorgan Chase & Co. including a stint as controller.
Sidwell, Mack told employees, wanted to retire but agreed to stay on through the remainder of this year.
Kelleher, 49, joined Morgan Stanley's fixed income business in 1989, which at the time was led by Mack. Prior to Morgan Stanley, he spent four years at Arthur Andersen.
"Colm's experience as a business leader, combined with his training and expertise as a chartered accountant and his unwavering commitment to Morgan Stanley, make him extremely well suited to serve in this critically important role," Mack said in the memo.
Kelleher rose through the ranks and was named co-head of European fixed income, leading client coverage. Morgan Stanley said he also pushed for the closer integration of debt and equity underwriting teams.
Replacing Kelleher will be Christopher Carter, a 30-year Wall Street veteran who joined last May as vice chairman of Morganm Stanley's institutional securities division. Prior to Morgan Stanley, Carter served chairman of hedge fund group CQS Management Ltd.
He also worked 19 years at Credit Suisse First Boston where Mack was CEO from 2001 to 2005, serving as chairman of Europe, chairman of global investment banking and global head of equity underwriting. Carter, who is 57, is based in London.
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