In a move that should inspire many over worked executives with families, Mario Francescotti has decided to relinquish his roles as CEO and President of Morgan Stanley Asia Pacific. The move comes as Francescotti decided that he wanted to spend more time with his family. He will stay with the firm as a managing director and focus on Morgan Stanley's China related activities.
Taking over the title of CEO will be Alasdair Morrison who at present is Chairman of Morgan Stanley Asia Pacific. Mike Berchtold, Asian head of investment banking at the bank will assume the title of President. It is unclear exactly what new workloads Morrison and Berchtold will undertake with their new titles.
Francescotti came to Morgan Stanley's Hong Kong office in 1996 and has put in five solid years of performance. Indeed during his tenure as CEO, the bank has twice won FinanceAsia's coveted Investment Bank of the Year award. He rose through the ranks of Morgan Stanley as a debt trader, firstly in London and then in New York. He was one of the youngest ever managing directors of the firm and he brings a trader's mind to the investment banking business.
Still, despite all the hard work he has put in, Francescotti does know how to have fun. He was recently spotted at both Robbie William's and Elton John's Hong Kong concerts, grooving in the aisles. It must be the Italian blood.
