New Morgan Stanley brokerage sales chief reorganizes leadership
By Jed Horowitz
NEW YORK (Reuters) - Six weeks after being named to lead Morgan Stanley's (MS.N: Quote) brokerage force of more than 16,000 financial advisers, managing director Shelley O'Connor has streamlined the sales organization and replaced some key executives.
In a memo to the firm's wealth management division employees, O'Connor said a tour of the branches at the world's biggest brokerage convinced her that local managers need more power, resources and the ability to work more efficiently.
She also is reducing expenses by shrinking the company's three geographic divisions in the United States to two and trimming the regions that report to the division heads to eight from 12.
Bill McMahon and Rick Skae remain as Morgan Stanley's two division heads, running the western and eastern divisions, respectively.
Douglas Kentfield, who had run the western division since the three-division structure was formed in July 2012, is leaving "to pursue other opportunities," according to the memo that was sent to Reuters. Kentfield was one of the few senior brokerage executives at Morgan Stanley who previously worked at Smith Barney, which Morgan Stanley began absorbing in 2009. It completed the purchase of Smith Barney last year.
The four regional managers who are losing their positions - Jeff Adams, John Campbell, Kevin Forman and Matthew Maloney - "will explore new leadership roles" within the wealth management division.
"We wish all of them much success," O'Connor wrote in the memo.
The changes are effective at the end of May. Continued...