The revolving door is not only an American phenomenon…. Morgan Stanley announced the appointment of Alistair Darling to its board of directors on Wednesday. Mr. Darling’s appointment will be effective on January 1, 2016.
Mr. Darling is currently a member of the House of Lords. He was a former member of the British Parliament. He served as Chancellor of the Exchequer from 2007 to 2010.
He also served in the government of the United Kingdom. He became the Secretary of State for Trade and Industry from 2006 to 2007, Secretary of State for Transport from 2002 to 2006, and Secretary of State for Scotland from 2003 to 2006. He was the Secretary of State for Social Security / Work & Pensions from 1998 to 2002, and Chief Secretary to the Treasury from 1997 to 1998.
Mr. Darling will bring strong leadership experience to Morgan Stanley
In a statement, Morgan Stanley Chairman and CEO James Gorman said Mr. Darling will bring strong leadership experience to the company. He will also bring insight regarding the global economy and the global financial system.
Mr. Gorman also said, “As Chancellor of the Exchequer he played a central role in responding to the financial crisis. The Board, our management and our shareholders will greatly benefit from his experience and perspective.”
On the other hand, James W. Owens, Chairperson of the Nominating and Governance Committee, said, “We extend a warm welcome to Mr. Darling as he joins our Board. We will all benefit from his financial, risk management and regulatory insights.”
Mr. Darling’s appointment to Morgan Stanley’s Board came a day after former British Prime Minister Gordon Brown joined PIMCO’s Global Advisory Board.
According to the investment management firm Mr. Brown together with former Federal Reserve Chairman Ben Bernanke and three other experts will contribute their insight on global economic, political, and strategic developments and their importance to the financial markets.
Morgan Stanley sees small upside next year
Morgan Stanley recently issued a report indicating its perception for a small upside in 2016.
“Given our experts’ view on the Fed’s path for the front end, and muted economic growth, we are forecasting only modest multiple expansion to 16.6x, yielding our new price target of 2175 for the S&P 500 for year-end 2016, “ according to Morgan Stanley.