Greg Fleming, president of Morgan Stanley’s wealth-management business, is leaving the firm, according to a memo from CEO James Gorman seen by Business Insider.
Colm Kelleher, currently head of the firm’s Institutional Securities Group, will become the sole president of the bank, including the wealth-management division.
Fleming and Kelleher were seen as potential successors to CEO James Gorman.
Fleming is leaving the firm “to pursue other opportunities,” according to the memo.
Fleming joined Morgan Stanley in 2009 and oversaw a “transformation of the investment management business,” according to the memo.
“Greg has been an asset to the entire Firm and to me personally,” Gorman wrote.
In a separate memo on Wednesday, Gorman and Kelleher announced that Shelley O’Connor and Andy Saperstein would become coheads of the wealth-management division, reporting directly to Kelleher.
O’Connor has worked in the firm’s wealth-management business for more than 30 years. Saperstein will move to wealth management from his current position of co-COO of the institutional-securities group.
COO Jim Rosenthal will work closely with O’Connor and Saperstein to lead the digital element of the firm’s wealth-management and financial-adviser business.
And Jeff Brodsky, the head of human resources, will begin reporting directly to Gorman, reflecting the CEO’s “increased focus on talent and development,” according to the memo.