The outgoing Morgan Stanley (NYSE:MS) CEO John Mack spoke exclusively Friday with CNBC’s Charlie Gasparino. The New York-based investment firm announced Thursday that Mack is stepping down as CEO, “We’d been talking about this [stepping down as CEO] for a long time,” Mack said, “when it was clear that James Gorman [one of the investment bank's co-presidents] was the right person [to take over] there was no reason to wait.” Mack told the board 18 months ago he wanted to step back from the CEO position when he turns 65 in November. John Mack has led Morgan Stanley for four years.
When asked what he planned to do after leaving the CEO position, Mack said he would still be helping out the firm. “I’m not going to retire,” Mack said. “I’m here as chairman and I love talking to people. I’ll be helping out James whenever he needs me.”
Mack talked also about reforming financial regulation and the need for better control of the financial system.
