Morgan Stanley elects new director

by Richard Kilner

Story link: Morgan Stanley elects new director

Morgan Stanley has enlarged its board of directors to 13 members with the additional election of James H. Hance, Jr.

Hance, who takes up his post with effect from 1 July, is a senior adviser with The Carlyle Group, and he formerly served as chairman of Carlyle Capital Corp.

He brings with him extensive banking experience, including almost 18 years with Bank of America (and its predecessor firms), during which time he occupied senior roles including chief financial officer and vice chairman.

Morgan Stanley’s CEO and chairman, John J. Mack, has described Hance as a great asset, and praised his in-depth knowledge of finance, management and commercial banking.

The Nominating and Governance Committee’s chairman, Laura D’Andrea Tyson, has warmly welcomed Hance into his new seat on the board, stating that the bank would benefit from his advice and experience.