NEW YORK (Reuters) - Morgan Stanley (MS.N) 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 qualifications.
Gorman thanked Kidder, who has served on the board of Morgan Stanley or a predecessor company since 1993.
Reporting by Lauren Tara LaCapra; Editing by Amanda Kwan