In a memo to financial advisors, Morgan Stanley said it is restructuring its executive team, following head of strategy and client management Doug Ketterer’s recent departure. Sara Furber, who currently serves as chief operating officer for wealth management, will step in to lead the corporate and institutional wealth management and wealth management strategy. Shelley O’Connor, head of field management, will assume control of the firm’s international wealth management division and the private wealth management business.
Ketterer stepped into the strategy role last February, after spending years overseeing Morgan Stanley’s brokerage operations and the private wealth management business. But the role’s vague and largely undefined responsibilities caused Ketterer to struggle and eventually resign, a person familiar with the matter told the Wall Street Journal last week.
“These organizational changes will enhance our growth strategy, further align our businesses, and promote the development of a specialized value proposition for each of our clients,” said Greg Fleming, head of Morgan Stanley Wealth, in the memo.
Under the new organizational structure, Furber will now oversee corporate equity solutions—stock plans and 401 (k)s—Graystone Consulting, government entities and corporate cash. Graystone will also continue to be part of the Consulting Group and dually report in to Jim Tracy, Fleming said.
Furber will also take over some responsibility for wealth management strategy, digital platforms, the mass affluent segment, including the client advisory center, and strategic lead management. Furber, who joined Morgan Stanley in July 2010 from Merrill Lynch, will continue to handle risk management. Chris Randazzo, chief information officer of wealth management and investment management, will continue to work closely with her.
Adam Kudelka, currently head of human resources for wealth management, will succeed Furber as chief operating officer.
“Adam will help drive coordination across wealth management and oversee the corporate functions that support the business including all technology and operations activities. He will ensure that we have consistent and integrated decision making across all business initiatives,” Fleming said in the memo.
Larry Frers, currently head of human resources for field management, will take over Kudelka’s role.