Morgan Stanley announced a senior management reshuffle Tuesday in advance of John Mack stepping down from the CEO role at the end of the year to become chairman, and James Gorman taking over as president and CEO.

The firm said that Colm Kelleher and Paul Taubman will become co-presidents of institutional securities, with Kelleher overseeing the sales and trading business and Taubman focusing on investment banking, and that they will share responsibility for global capital markets. Kelleher was CFO and head of capital markets, and Taubman was head of investment banking.

Ruth Porat, who previously served as global head of the Financial Institutions Group, will take over as CFO; and Thomas Nides, who currently serves as chief administrative officer, will also become the firm’s chief operating officer.

“Looking ahead, we must accelerate our business momentum by continuing to revitalize our sales and trading franchise, bringing together the full range of the firm’s products and ideas to meet the needs of our clients, and further bolstering our risk management capabilities,” said Gorman.

IE