Morgan Stanley has named Erskine Bowles as independent lead director of its board of directors, replacing Robert Kidder.
The change, which is effective February 1, is part of the board’s policy to rotate lead directors.
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Bowles has been on Morgan Stanley’s board since December 2005 and has been chairman of its compensation, management development and succession committee since 2010.
Additionally, he has also served as co-chair of the National Commission on Fiscal Responsibility and Reform in 2010 and as the president of The University of North Carolina from 2006 to 2010.
Furthermore, Bowles is a co-founder and senior adviser to private investment firm Carousel Capital. He was also a general partner of Forstmann Little & Co and worked at Morgan Stanley early in his career.
James Gorman, chairman and CEO of Morgan Stanley, said: "Erskine brings strong leadership to the Board with over four decades of distinguished experience in financial services and public service."
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