Bowles was appointed by the independent directors of the Board. His appointment reflects the Firm’s governance policy of rotating Lead Directors after a period of time.
Bowles has served as a director since December 2005 and as Chair of the Compensation, Management Development and Succession Committee since 2010. Bowles was named Co-Chair of the National Commission on Fiscal Responsibility and Reform in 2010, and served as the President of The University of North Carolina from 2006 through 2010.
James Gorman, Chairman and CEO of Morgan Stanley, said, 'We are extremely pleased to welcome Erskine as our Lead Director. Erskine brings strong leadership to the Board with over four decades of distinguished experience in financial services and public service. We also want to take this opportunity to thank Bob for his outstanding service over the years, guiding the Board through the financial crisis and the transition to a new CEO. He continues to be a valued contributor to the Board'.
Erskine Bowles added, 'I am honoured to be appointed the Lead Director at Morgan Stanley, and look forward to working with the Board, our shareholders and our employees to position the Firm for continued success'.