NEW YORK Jan 28 Morgan Stanley on
Tuesday named Erskine Bowles, a prominent Democrat and investor,
as independent lead director of its board of directors,
replacing C. Robert Kidder.
The change, which is effective February 1, is part of the
board's policy to rotate lead directors, the Wall Street bank
said in a press release.
Kidder, who will remain on the board, had been lead director
since 2007, including through the recent financial crisis.
Bowles is co-chair of the National Commission on Fiscal
Responsibility and Reform, which was created by President Barack
Obama in 2010. He served as chief of staff and head of the Small
Business Administration during the Clinton years.
Bowles is a co-founder and senior adviser to the private
investment firm Carousel Capital, which makes investments in
businesses located in the southeastern United States.
He was also a general partner of Forstmann Little & Co, and
briefly worked at Morgan Stanley early in his career.
In a statement, Chief Executive and Chairman James Gorman
cited Bowles' experience in both finance and public service as
Gorman thanked Kidder, who has served on the board of Morgan
Stanley or a predecessor company since 1993.