He came, he saw, he conquered.
Then he got sacked.
Then he came back and conquered again.
And now, finally, after steering his firm through a financial crisis that killed several of his major competitors, he’s departing again. This time for good.
John J. Mack’s tumultuous 35-year love affair with Morgan Stanley is finally coming to end. So let’s take a brief look back…
November 17, 1944: John Makhoul Mack is born in Mooresville, North Carolina to Lebanese immigrants of Melchite and Greek Orthodox origin.
1968: Graduated from Duke University, BA.
1968--1972: Municipal bond trader and salesman at Smith Barney and F. S. Smithers & Company.
March 21, 2007: Morgan Stanley posted a year over year net revenue gain of 29%. John Mack's strategy is widely heralded as having been successful. Nonetheless, the media describes Mack as 'chasing Goldman Sachs.'
'10 years ago, John Mack tried to turn Morgan Stanley into Merrill Lynch & Co. Now the firm's chairman and chief executive officer is chasing Goldman Sachs Group Inc,' Bloomberg writes.
Morgan Stanley was riding high but its own analysts were getting wary about the markets. Just two months later, Morgan Stanley analysts issued a 'full house sell' recommendation, saying that its three major indicators--bond yields, Institute for Supply Management new orders, and valuation and risk--were all warning of market instability. It noted that this level of market distress was rare and had only occured five times since 1980.
Watch John Mack making jokes about China and U.S. politicians at a 2007 dinner gala.
April 2008: Investor group representing pension assets urges the firm to oust Mack from board.
Sept. 10, 2009: Mack announces that he will leave his CEO position at Morgan Stanley after the end of the year, but plans to stay as chairman.
Since his reign at the company started in 2005, Morgan Stanley's stock is down about 34% while Goldman's is up 70%. James Gorman to take over.
From left: Stephen A. Briganti (CEO of New York Social Diary) with John J. Mack and the Mack family
Mack and his wife Christy, who is Charlie Rose's former sister-in-law, have three children: Stephen Mack, John Mack, and Jenna Mack. The family lives in Rye in a home that overlooks the Apawamis golf course.
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