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{{Short description|American executive, former CEO of Morgan Stanley}}
{{For|the Yale University coach|John J. Mack (coach)}}
{{For|the African-American civic leader|John Mack (civic leader)}}
{{other people|John Mack}}
{{Infobox person
{{Infobox person
| name = John J. Mack
| name = John J. Mack
| image =
| image =
| caption =
| caption =
| party = Republican
| party = Independent
| birth_date = {{Birth date and age|1944|11|17}}
| birth_date = {{Birth date and age|1944|11|17}}
| birth_place = [[Mooresville, North Carolina]], U.S.
| birth_place = [[Mooresville, North Carolina]], United States
| other_names =
| other_names =
| residence = <!--- {{Nowrap begin}}New York City, New York, U.S.{{Nowrap end}} --->
| alma_mater = [[Duke University]]
| alma_mater = [[Duke University]]
| citizenship = United States
| nationality = American
| occupation = Banker
| occupation = Banker
| years_active = 1967-present
| years_active = 1967-present
| known_for = Chairman, [[Morgan Stanley]]<br /><small>(Jun 30, 2005 - Jan 1, 2012)</small><br />CEO, [[Credit Suisse]]<br /><small>(2001 - 2004)</small><br />CEO, [[Morgan Stanley]] <br /><small>(Jun 30, 2005 - Jan 1, 2010)</small><br />Senior Advisor, [[Kohlberg Kravis Roberts|KKR]]<br /><small>(2012-present)</small>
| known_for = Chairman, [[Morgan Stanley]]<br /><small>(Jun 30, 2005 - Jan 1, 2012)</small><br />CEO, [[Credit Suisse]]<br /><small>(2001 - 2004)</small><br />CEO, [[Morgan Stanley]] <br /><small>(Jun 30, 2005 - Jan 1, 2010)</small><br />Senior Advisor, [[Kohlberg Kravis Roberts|KKR]]<br /><small>(2012-present)</small>
| spouse = Meredith Mack
| spouse = Christy Mack
| children = 3
| children = 3
}}
}}
'''John J. Mack''' (born November 17, 1944) is a Senior Advisor to the [[Investment company|investment firm]] [[Kohlberg Kravis Roberts]] and the former CEO & Chairman of the Board at [[Morgan Stanley]], the [[New York City|New York]]-based [[investment bank]] and [[brokerage]] firm.<ref name=BusinessInsider-LegendaryOverview-2009>{{cite news|last1=Angelova|first1=Kamelia|title=The Legendary Career Of John J. Mack|url=http://www.businessinsider.com/john-j-mack-2009-9?op=1|accessdate=12 November 2015|work=[[Business Insider]]|date=14 September 2009}}</ref><ref name=NewYork-Feature-2012>{{cite news|last1=Pressler|first1=Jessica|title=Look Who's Back: John Mack is no longer at the top of Morgan Stanley. So he’s getting his fix elsewhere|url=http://nymag.com/news/business/themoney/john-mack-2012-4/|accessdate=12 November 2015|work=[[New York (magazine)|New York]]|date=8 April 2012}}</ref>
'''John J. Mack''' (born November 17, 1944) is a senior advisor to the [[Investment company|investment firm]] [[Kohlberg Kravis Roberts]] and the former CEO and chairman of the board at [[Morgan Stanley]], the [[New York City|New York]]–based [[investment bank]] and [[brokerage]] firm.<ref name=BusinessInsider-LegendaryOverview-2009>{{cite news|last1=Angelova|first1=Kamelia|title=The Legendary Career Of John J. Mack|url=http://www.businessinsider.com/john-j-mack-2009-9?op=1|access-date=12 November 2015|work=[[Business Insider]]|date=14 September 2009}}</ref><ref name=NewYork-Feature-2012>{{cite news|last1=Pressler|first1=Jessica|title=Look Who's Back: John Mack is no longer at the top of Morgan Stanley. So he's getting his fix elsewhere|url=http://nymag.com/news/business/themoney/john-mack-2012-4/|access-date=12 November 2015|work=[[New York (magazine)|New York]]|date=8 April 2012}}</ref>


== Early life and education ==
== Early life and education ==
Mack was born in [[Mooresville, North Carolina]], the son of Alice (née Azouri) and Charles Mack. Mack's father's original family name was Makhoul; he came to the United States from [[Lebanon]] when he was 12 years old, following Mack's grandfather, who had arrived at [[Ellis Island]] in 1909.<ref name=NYTimes-LebaneseAmerican-2006>{{cite news|last1=Thomas Jr.|first1=Landon|title=From Lebanese-American Financiers, Differing Views on the Strife|url=https://www.nytimes.com/2006/08/01/business/worldbusiness/01wall.html|accessdate=12 November 2015|work=[[The New York Times]]|date=1 August 2006}}</ref>
Mack was born in [[Mooresville, North Carolina]], the son of Alice (née Azouri) and Charles Mack. Mack's father's original family name was Makhoul; he came to the United States from [[Lebanon]] when he was 12 years old, following Mack's grandfather, who had arrived at [[Ellis Island]] in 1909.<ref name=NYTimes-LebaneseAmerican-2006>{{cite news|last1=Thomas Jr.|first1=Landon|title=From Lebanese-American Financiers, Differing Views on the Strife|url=https://www.nytimes.com/2006/08/01/business/worldbusiness/01wall.html|access-date=12 November 2015|work=[[The New York Times]]|date=1 August 2006}}</ref>


The family settled in [[North Carolina]]. Mack's father ran a wholesale grocery, clothing, and general merchandise store called John Mack & Son in [[Mooresville, North Carolina]].<ref name=MackandMack-Madeline-2006>{{cite news|title=Madeline Mack (1914-2006)|url=https://mamclothing.com/madelines-influence/|accessdate=13 November 2015|work=Mack and Mack Clothing}}</ref> The business occupied The John Mack Building from 1937 to the 1990s.<ref name=MooresvilleHistoricWalkingTour-pamphlet>{{cite web|title=Mooresville Historic Walking Tour|url=http://68.71.163.9/walkingtour/WalkingTour.pdf|website=Town of Mooresville|accessdate=13 November 2015}}</ref> Mack is the youngest of six sons. The family was Catholic.<ref name=HoratioAlbergAssn-Mack-2004>{{cite web|title=John J. Mack|url=http://www.horatioalger.org/members_info.cfm?memberid=MAC03|website=[[Horatio Alger Association of Distinguished Americans|The Horatio Alger Association]]|accessdate=12 November 2015}}</ref>
The family settled in [[North Carolina]]. Mack's father ran a wholesale grocery, clothing, and general merchandise store called John Mack & Son in [[Mooresville, North Carolina]].<ref name=MackandMack-Madeline-2006>{{cite news|title=Madeline Mack (1914-2006)|url=https://mamclothing.com/madelines-influence/|access-date=13 November 2015|work=Mack and Mack Clothing|archive-date=17 November 2015|archive-url=https://web.archive.org/web/20151117022528/https://mamclothing.com/madelines-influence/|url-status=dead}}</ref> The business occupied The John Mack Building from 1937 to the 1990s.<ref name=MooresvilleHistoricWalkingTour-pamphlet>{{cite web|title=Mooresville Historic Walking Tour|url=http://68.71.163.9/walkingtour/WalkingTour.pdf|website=Town of Mooresville|access-date=13 November 2015|archive-date=4 March 2016|archive-url=https://web.archive.org/web/20160304074420/http://68.71.163.9/walkingtour/WalkingTour.pdf|url-status=dead}}</ref> Mack is the youngest of six sons. The family was Catholic.<ref name=HoratioAlbergAssn-Mack-2004>{{cite web|title=John J. Mack|url=http://www.horatioalger.org/members_info.cfm?memberid=MAC03|website=[[Horatio Alger Association of Distinguished Americans|The Horatio Alger Association]]|access-date=12 November 2015|archive-date=17 November 2015|archive-url=https://web.archive.org/web/20151117025137/http://www.horatioalger.org/members_info.cfm?memberid=MAC03|url-status=dead}}</ref>


In 1968, Mack graduated from [[Duke University]], where he attended on a [[American football|football]] scholarship and majored in history. Mack's first job in finance was as a clerk at a small brokerage house during his junior year at Duke, after a cracked vertebra made it impossible for him to continue on his football scholarship.<ref name=HoratioAlbergAssn-Mack-2004 />
In 1968, Mack graduated from [[Duke University]], where he attended on a [[American football|football]] scholarship and majored in history. Mack's first job in finance was as a clerk at a small brokerage house during his junior year at Duke, after a cracked vertebra made it impossible for him to continue on his football scholarship.<ref name=HoratioAlbergAssn-Mack-2004 />
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=== Morgan Stanley ===
=== Morgan Stanley ===
Mack worked at several firms around Wall Street before starting his career at Morgan Stanley in 1972 as a salesman, and has since worked for the company for nearly thirty years. Rising steadily to positions of increasing responsibility, Mack eventually headed the firm's Worldwide Taxable Fixed Income Division from 1985 to 1992.<ref name=CNBC-MS-Farewell-2011>{{cite news|last1=Carney|first1=John|title=Morgan Stanley Bids John Mack Farewell|url=https://www.cnbc.com/id/45587614|accessdate=11 January 2016|work=[[CNBC]]|date=8 December 2011}}</ref> In 1987, he became a member of the board of directors. In March 1992, he assumed responsibility for Morgan Stanley's day-to-day operations as chairman of the operating committee. He was named President of Morgan Stanley in June 1993. Mack served as president, chief operating officer and a director of Morgan Stanley Dean Witter & Co. from May 1997 when the firm was created by the merger of Morgan Stanley and Dean Witter, two of the world's leading financial services companies.<ref name=NYTimes-MSDW-1997>{{cite news|last1=Barboza|first1=David|title=Veteran Executive Is 'Tough And Direct'|url=https://www.nytimes.com/1997/02/06/business/veteran-executive-is-tough-and-direct.html|accessdate=12 November 2015|work=[[The New York Times]]|date=6 February 1997}}</ref>
Mack worked at several firms around Wall Street before starting his career at Morgan Stanley in 1972 as a salesman, and has since worked for the company for nearly thirty years. Rising steadily to positions of increasing responsibility, Mack eventually headed the firm's Worldwide Taxable Fixed Income Division from 1985 to 1992.<ref name=CNBC-MS-Farewell-2011>{{cite news|last1=Carney|first1=John|title=Morgan Stanley Bids John Mack Farewell|url=https://www.cnbc.com/id/45587614|access-date=11 January 2016|work=[[CNBC]]|date=8 December 2011}}</ref> In 1987, he became a member of the board of directors. In March 1992, he assumed responsibility for Morgan Stanley's day-to-day operations as chairman of the operating committee. He was named president of Morgan Stanley in June 1993. Mack served as president, chief operating officer and a director of Morgan Stanley Dean Witter & Co. from May 1997 when the firm was created by the merger of Morgan Stanley and Dean Witter, two of the world's leading financial services companies.<ref name=NYTimes-MSDW-1997>{{cite news|last1=Barboza|first1=David|title=Veteran Executive Is 'Tough And Direct'|url=https://www.nytimes.com/1997/02/06/business/veteran-executive-is-tough-and-direct.html|access-date=12 November 2015|work=[[The New York Times]]|date=6 February 1997}}</ref>


In 2001, Mack left Morgan Stanley after a power struggle with [[Philip J. Purcell|Phil Purcell]]; Purcell became CEO of Morgan Stanley after the 1997 merger of Morgan Stanley and [[Dean Witter Reynolds|Dean Witter]], of which Purcell was already CEO.
In 2001, Mack left Morgan Stanley after a power struggle with [[Philip J. Purcell|Phil Purcell]]; Purcell became CEO of Morgan Stanley after the 1997 merger of Morgan Stanley and [[Dean Witter Reynolds|Dean Witter]], of which Purcell was already CEO.


=== Credit Suisse ===
=== Credit Suisse ===
Six months later, in June 2001, Mack was hired as CEO of [[Credit Suisse]], then known as [[Credit Suisse First Boston]] (CSFB).<ref name=NYTimes-CSFB-TechPenalty-2002>{{cite news|last1=McGeehan|first1=Patrick|title=His Rallying Cry at First Boston: Smaller, Cleaner, Fairer|url=https://www.nytimes.com/2002/01/27/business/his-rallying-cry-at-first-boston-smaller-cleaner-fairer.html?pagewanted=all|accessdate=12 November 2015|work=[[The New York Times]]|date=27 January 2002}}</ref> Mack's time at Credit Suisse was marked much restructuring and by compliances issues created by [[Frank Quattrone]]'s Technology Group.<ref name=Fortune-CSFB-2003>{{cite news|last1=Sellers|first1=Patricia|title=The Trials of John Mack|url=http://archive.fortune.com/magazines/fortune/fortune_archive/2003/09/01/348191/index.htm|accessdate=13 November 2015|work=[[Fortune (magazine)|Fortune]]|date=1 September 2003}}</ref>
Six months later, in June 2001, Mack was hired as CEO of [[Credit Suisse]], then known as [[Credit Suisse First Boston]] (CSFB).<ref name=NYTimes-CSFB-TechPenalty-2002>{{cite news|last1=McGeehan|first1=Patrick|title=His Rallying Cry at First Boston: Smaller, Cleaner, Fairer|url=https://www.nytimes.com/2002/01/27/business/his-rallying-cry-at-first-boston-smaller-cleaner-fairer.html?pagewanted=all|access-date=12 November 2015|work=[[The New York Times]]|date=27 January 2002}}</ref> Mack's time at Credit Suisse was marked by much restructuring and by compliances issues created by [[Frank Quattrone]]'s Technology Group.<ref name=Fortune-CSFB-2003>{{cite news|last1=Sellers|first1=Patricia|title=The Trials of John Mack|url=http://archive.fortune.com/magazines/fortune/fortune_archive/2003/09/01/348191/index.htm|access-date=13 November 2015|work=[[Fortune (magazine)|Fortune]]|date=1 September 2003}}</ref>


=== Morgan Stanley redux ===
=== Morgan Stanley redux ===
On June 30, 2005, Mack returned to Morgan Stanley as Chief Executive Officer and Chairman of the Board, replacing Purcell.<ref name=BusinessWeek-MackAttack-2006>{{cite news|title=Morgan Stanley's Mack Attack|url=https://www.bloomberg.com/bw/stories/2006-06-20/morgan-stanleys-mack-attackbusinessweek-business-news-stock-market-and-financial-advice|accessdate=13 November 2015|work=[[Business Week]]|date=20 June 2006}}</ref><ref name=MS-ChairmanCEO-2005>{{cite news|title=John Mack Elected Chairman and CEO of Morgan Stanley|url=http://www.morganstanley.com/about-us-articles/3685.html|accessdate=12 November 2015|work=[[Morgan Stanley]]|date=30 June 2005}}</ref> Mack was noted for stabilizing the firm and reenergizing its culture and client franchise,<ref name=FinancialNews-PurcellRight-2009>{{cite news|last1=Bizouati|first1=Yaël|last2=Basar|first2=Shanny|title=Was Purcell right about Morgan Stanley after all?|url=http://www.efinancialnews.com/story/2009-04-06/was-purcell-right-about-morgan-stanley-after-all-1|accessdate=12 November 2015|work=[[Financial News]]|date=6 April 2009}}</ref> despite an economic downturn.<ref name=NYTimes-MSvsGS-2009>{{cite news|first1=Graham|last1=Bowley|title=Red Ink Stains Bank and Banker|url=https://www.nytimes.com/2009/07/23/business/23morgan.html|accessdate=November 12, 2015|work=[[The New York Times]]|date=July 22, 2009}}</ref>
On June 30, 2005, Mack returned to Morgan Stanley as chief executive officer and chairman of the board, replacing Purcell.<ref name=BusinessWeek-MackAttack-2006>{{cite news|title=Morgan Stanley's Mack Attack|url=https://www.bloomberg.com/bw/stories/2006-06-20/morgan-stanleys-mack-attackbusinessweek-business-news-stock-market-and-financial-advice|access-date=13 November 2015|work=[[Business Week]]|date=20 June 2006}}</ref><ref name=MS-ChairmanCEO-2005>{{cite news|title=John Mack Elected Chairman and CEO of Morgan Stanley|url=http://www.morganstanley.com/about-us-articles/3685.html|access-date=12 November 2015|work=[[Morgan Stanley]]|date=30 June 2005}}</ref> Mack was noted for stabilizing the firm and reenergizing its culture and client franchise,<ref name=FinancialNews-PurcellRight-2009>{{cite news|last1=Bizouati|first1=Yaël|last2=Basar|first2=Shanny|title=Was Purcell right about Morgan Stanley after all?|url=http://www.efinancialnews.com/story/2009-04-06/was-purcell-right-about-morgan-stanley-after-all-1|access-date=12 November 2015|work=[[Financial News]]|date=6 April 2009}}</ref> despite an economic downturn.<ref name=NYTimes-MSvsGS-2009>{{cite news|first1=Graham|last1=Bowley|title=Red Ink Stains Bank and Banker|url=https://www.nytimes.com/2009/07/23/business/23morgan.html|access-date=November 12, 2015|work=[[The New York Times]]|date=July 22, 2009}}</ref>


Mack announced his retirement as [[Chief Executive Officer]] on September 10, 2009, which was effective January 1, 2010.<ref name=MorganStanley-CEOSuccession-2009>{{cite news|last1=McFadden|first1=Jeanmarie|last2=Charnas|first2=Suzanne|title=Morgan Stanley Announces CEO Succession Plan|url=http://www.morganstanley.com/about-us-articles/ad3bec19-9e49-11de-b417-0db96b986471.html|accessdate=12 November 2015|work=[[Morgan Stanley]]|date=10 September 2009}}</ref> In 2011, Mack retired from Morgan Stanley<ref name=Dealbreaker-MS-Exit-2011>{{cite news|last1=Levin|first1=Bess|title=John Mack: If I Wasn’t A Banker, I Would Have Been A Women’s Shoe Salesman|url=http://dealbreaker.com/2011/12/john-mack-if-i-werent-a-banker-i-would-have-been-a-womens-shoe-salesman/|accessdate=12 November 2015|work=Dealbreaker|date=8 December 2011}}</ref> after more than 30 years as an investment banker.<ref name=Guardian-MS-Exit-2011>{{cite news|last1=Rushe|first1=Dominic|title=John Mack, aka Mack the Knife, steps down from Morgan Stanley after 30 years|url=https://www.theguardian.com/business/2011/sep/15/mack-knife-morgan-stanley-retires|accessdate=12 November 2015|work=[[The Guardian]]|date=15 September 2011}}</ref> Former Co-President [[James P. Gorman]] succeeded him as CEO.
Mack announced his retirement as [[chief executive officer]] on September 10, 2009, which was effective January 1, 2010.<ref name=MorganStanley-CEOSuccession-2009>{{cite news|last1=McFadden|first1=Jeanmarie|last2=Charnas|first2=Suzanne|title=Morgan Stanley Announces CEO Succession Plan|url=http://www.morganstanley.com/about-us-articles/ad3bec19-9e49-11de-b417-0db96b986471.html|access-date=12 November 2015|work=[[Morgan Stanley]]|date=10 September 2009}}</ref> In 2011, Mack retired from Morgan Stanley<ref name=Dealbreaker-MS-Exit-2011>{{cite news|last1=Levin|first1=Bess|title=John Mack: If I Wasn't A Banker, I Would Have Been A Women's Shoe Salesman|url=http://dealbreaker.com/2011/12/john-mack-if-i-werent-a-banker-i-would-have-been-a-womens-shoe-salesman/|access-date=12 November 2015|work=Dealbreaker|date=8 December 2011}}</ref> after more than 30 years as an investment banker.<ref name=Guardian-MS-Exit-2011>{{cite news|last1=Rushe|first1=Dominic|title=John Mack, aka Mack the Knife, steps down from Morgan Stanley after 30 years|url=https://www.theguardian.com/business/2011/sep/15/mack-knife-morgan-stanley-retires|access-date=12 November 2015|work=[[The Guardian]]|date=15 September 2011}}</ref> Former co-president [[James P. Gorman]] succeeded him as CEO.


=== Kohlberg Kravis Roberts ===
=== Kohlberg Kravis Roberts ===
In 2012, Mack joined [[Kohlberg Kravis Roberts]] as a Senior Advisor.<ref name=NYTimes-KKR-2012>{{cite news|last1=De La Merced|first1=Michael J.|title=K.K.R. Hires Mack as Senior Adviser|url=https://dealbook.nytimes.com/2012/03/27/k-k-r-hires-john-mack-as-senior-adviser/|accessdate=12 November 2015|work=[[The New York Times]]|date=27 March 2012}}</ref><ref name=WSJ-KKRAdvisor-2012>{{cite news|last1=Benoit|first1=David|title=Deal Journal: John Mack to Join KKR as Senior Adviser|url=https://blogs.wsj.com/deals/2012/03/27/john-mack-to-join-kkr-as-senior-adviser/|accessdate=13 November 2015|work=[[The Wall Street Journal]]|date=27 March 2012}}</ref>
In 2012, Mack joined [[Kohlberg Kravis Roberts]] as a senior advisor.<ref name=NYTimes-KKR-2012>{{cite news|last1=De La Merced|first1=Michael J.|title=K.K.R. Hires Mack as Senior Adviser|url=https://dealbook.nytimes.com/2012/03/27/k-k-r-hires-john-mack-as-senior-adviser/|access-date=12 November 2015|work=[[The New York Times]]|date=27 March 2012}}</ref><ref name=WSJ-KKRAdvisor-2012>{{cite news|last1=Benoit|first1=David|title=Deal Journal: John Mack to Join KKR as Senior Adviser|url=https://blogs.wsj.com/deals/2012/03/27/john-mack-to-join-kkr-as-senior-adviser/|access-date=13 November 2015|work=[[The Wall Street Journal]]|date=27 March 2012}}</ref>


=== Rosneft ===
=== Rosneft ===
In 2013 Mack joined [[Rosneft]], the Russian, state-owned, oil company that has BP as an investor of approximately 20%. In 2014 he announced his departure,<ref name=FT-Rosneft-2014>{{cite news|title=John Mack steps down from Rosneft |url=https://www.ft.com/content/62a05aee-e73c-11e3-aa93-00144feabdc0|accessdate=30 October 2016|work=[[Financial times]]|date=29 May 2014}}</ref> shortly after the CEO [[Igor Sechin]] had sanctions imposed upon him by the US. Different reasons were given for his departure; Mack said his contract had only been for a year, while Rosneft spokespeople said he had decided to leave for personal reasons.
In 2013 Mack joined [[Rosneft]], the Russian, state-owned, oil company that has BP as an investor of approximately 20%. In 2014 he announced his departure,<ref name=FT-Rosneft-2014>{{cite news |title=John Mack steps down from Rosneft |url=https://www.ft.com/content/62a05aee-e73c-11e3-aa93-00144feabdc0 |archive-url=https://ghostarchive.org/archive/20221211231216/https://www.ft.com/content/62a05aee-e73c-11e3-aa93-00144feabdc0 |archive-date=11 December 2022 |url-access=subscription |url-status=live |access-date=30 October 2016 |work=[[Financial times]] |date=29 May 2014 }}</ref> shortly after the CEO [[Igor Sechin]] had sanctions imposed upon him by the US. Different reasons were given for his departure; Mack said his contract had only been for a year, while Rosneft spokespeople said he had decided to leave for personal reasons.


== Insider trading accusations ==
== Insider trading accusations ==
In 2006, Mack was accused by former [[United States Securities and Exchange Commission|SEC]] investigator [[Gary J. Aguirre]] of [[insider trading]].<ref name=Forbes-SECInsider-2006>{{cite news|last1=Moyer|first1=Liz|title=SEC Wants Mack|url=https://www.forbes.com/2006/07/21/mack-ubs-sec-fund-cx_lm_0721mack.html|accessdate=13 November 2015|work=[[Forbes (magazine)|Forbes]]|date=21 July 2006}}</ref><ref name=NYTimes-SECInsider-2007>{{cite news|last1=Morgenson|first1=Gretchen|last2=Bogdanich|first2=Walt|title=Report Says S.E.C. Erred on Pequot|url=https://www.nytimes.com/2007/08/04/business/04pequot.html?pagewanted=all|accessdate=13 November 2015|work=[[The New York Times]]|date=4 August 2007}}</ref> On October 5, 2006, the SEC recommended no action be taken against Mack. In late November 2006, Mack and Pequot were notified that the investigation had been closed and no action would be taken against them.
In 2006, Mack was accused by former [[United States Securities and Exchange Commission|SEC]] investigator [[Gary J. Aguirre]] of [[insider trading]].<ref name=Forbes-SECInsider-2006>{{cite news|last1=Moyer|first1=Liz|title=SEC Wants Mack|url=https://www.forbes.com/2006/07/21/mack-ubs-sec-fund-cx_lm_0721mack.html|access-date=13 November 2015|work=[[Forbes (magazine)|Forbes]]|date=21 July 2006}}</ref><ref name=NYTimes-SECInsider-2007>{{cite news|last1=Morgenson|first1=Gretchen|last2=Bogdanich|first2=Walt|title=Report Says S.E.C. Erred on Pequot|url=https://www.nytimes.com/2007/08/04/business/04pequot.html?pagewanted=all|access-date=13 November 2015|work=[[The New York Times]]|date=4 August 2007}}</ref> On October 5, 2006, the SEC recommended no action be taken against Mack. In late November 2006, Mack and Pequot were notified that the investigation had been closed and no action would be taken against them.


==Compensation==
==Compensation==
While CEO of Morgan Stanley in 2006, Mack earned a total compensation of $41,399,010, which included a base salary of $800,000, stocks granted of $36,179,923, and options granted of $4,019,934.<ref name=Equilar-Compensation-2007>{{cite web|title=Executive Compensation: 2007 Annual Comp.: John J. Mack|url=http://equilar.com/CEO_Compensation/MORGAN_STANLEY_John_J._Mack.php|website=Equilar|accessdate=13 November 2015|archiveurl=https://web.archive.org/web/20090208211348/http://equilar.com/CEO_Compensation/MORGAN_STANLEY_John_J._Mack.php|archivedate=8 February 2009|date=2007}}</ref>
While CEO of Morgan Stanley in 2006, Mack earned a total compensation of $41,399,010, which included a base salary of $800,000, stocks granted of $36,179,923, and options granted of $4,019,934.<ref name=Equilar-Compensation-2007>{{cite web|title=Executive Compensation: 2007 Annual Comp.: John J. Mack|url=http://equilar.com/CEO_Compensation/MORGAN_STANLEY_John_J._Mack.php|website=Equilar|access-date=13 November 2015|archive-url=https://web.archive.org/web/20090208211348/http://equilar.com/CEO_Compensation/MORGAN_STANLEY_John_J._Mack.php|archive-date=8 February 2009|date=2007}}</ref>


In 2008, he earned a total compensation of $1,235,097, which included a base salary of $800,000 and other compensation of $435,097. He did not receive any cash, stock, or options.<ref name=Equilar-Compensation-2008>{{cite web|title=Executive Compensation: 2008 Annual Comp.: John J. Mack|url=http://equilar.com/CEO_Compensation/MORGAN_STANLEY_John_J._Mack.php|website=Equilar|accessdate=13 November 2015|archiveurl=https://web.archive.org/web/20090414092258/http://www.equilar.com/CEO_Compensation/Morgan_Stanley_John_J._Mack.php|archivedate=14 April 2009|date=2008}}</ref>
In 2008, he earned a total compensation of $1,235,097, which included a base salary of $800,000 and other compensation of $435,097. He did not receive any cash, stock, or options.<ref name=Equilar-Compensation-2008>{{cite web|title=Executive Compensation: 2008 Annual Comp.: John J. Mack|url=http://equilar.com/CEO_Compensation/MORGAN_STANLEY_John_J._Mack.php|website=Equilar|access-date=13 November 2015|archive-url=https://web.archive.org/web/20090414092258/http://www.equilar.com/CEO_Compensation/Morgan_Stanley_John_J._Mack.php|archive-date=14 April 2009|date=2008}}</ref>


In 2014, Mack defended the high fees paid to CEOs,<ref name=RollingStone-CEOCompensation-2014>{{cite news|last1=Taibbi|first1=Matt|title=Ex-Morgan Stanley Chief Jams Foot in Mouth, Complains of CEO Abuse|url=https://www.rollingstone.com/politics/news/ex-morgan-stanley-chief-jams-foot-in-mouth-complains-of-ceo-abuse-20140213|accessdate=12 November 2015|work=[[Rolling Stone (magazine)|Rolling Stone]]|date=13 February 2014}}</ref> saying on [[Bloomberg Television]] that the discussion of compensation was healthy, but that CEOs earn the rates.<ref name=BloombergTV-CEOPay-2014>{{cite news|last1=Ruhle|first1=Stephanie|last2=Miller|first2=Matt|title=John Mack Says Wall Street Pay Debate Is `Healthy'|url=https://www.bloomberg.com/news/videos/b/e0a7652e-a4bf-42f2-99a0-6b3cc276968a|accessdate=12 November 2015|work=[[Bloomberg Television]]|date=11 February 2014}}</ref>
In 2014, Mack defended the high fees paid to CEOs,<ref name=RollingStone-CEOCompensation-2014>{{cite news|last1=Taibbi|first1=Matt|title=Ex-Morgan Stanley Chief Jams Foot in Mouth, Complains of CEO Abuse|url=https://www.rollingstone.com/politics/news/ex-morgan-stanley-chief-jams-foot-in-mouth-complains-of-ceo-abuse-20140213|access-date=12 November 2015|work=[[Rolling Stone (magazine)|Rolling Stone]]|date=13 February 2014}}</ref> saying on [[Bloomberg Television]] that the discussion of compensation was healthy, but that CEOs earn the rates.<ref name=BloombergTV-CEOPay-2014>{{cite news|last1=Ruhle|first1=Stephanie|last2=Miller|first2=Matt|title=John Mack Says Wall Street Pay Debate Is 'Healthy'|url=https://www.bloomberg.com/news/videos/b/e0a7652e-a4bf-42f2-99a0-6b3cc276968a|access-date=12 November 2015|work=[[Bloomberg Television]]|date=11 February 2014}}</ref>


== Financial crisis of 2007–2009 ==
==Financial crisis of 2007–2008==
⚫
Mack guided the firm through the [[financial crisis of 2007–2008]],<ref name=Forbes-CitiCrisis-2008>{{cite news|last1=Raghavan|first1=Anita|title=Citi's Bad Bet|url=https://www.forbes.com/2008/05/14/old-lane-citigroup-biz-cx_ar_0514oldlane.html|access-date=13 November 2015|work=[[Forbes (magazine)|Forbes]]|date=14 May 2008}}</ref> building its capital position and overseeing the firm's conversion to a bank holding company. To stabilize the firm, he forged strategic alliances with China Investment Corporation and Mitsubishi UFJ Group and entered into a joint venture with Smith Barney, forming at the time the world's largest wealth management firm. During the crisis, Mack was advised by U.S. Treasury Secretary [[Hank Paulson]] and the head of the Federal Reserve Bank [[Ben Bernanke]] to sell Morgan Stanley. He has stated that during negotiations he was under considerable pressure from the president of the New York Federal Reserve, [[Tim Geithner]], to sell or merge Morgan Stanley to one of his competitors such as [[JPMorgan Chase|JP Morgan]].<ref name=WSJ-WallStreetDied-2008>{{cite news|last1=Craig|first1=Susanne|last2=McCracken|first2=Jeffrey|last3=Luccetti|first3=Aaron|last4=Kelly|first4=Kate|title=The Weekend That Wall Street Died|url=https://www.wsj.com/articles/SB123051066413538349|access-date=12 November 2015|work=[[The Wall Street Journal]]|date=29 December 2008}}</ref> Mack saw this as being contrary to the interests of Morgan Stanley shareholders and employees, similar to the demise of [[Bear Stearns]] in a forced sale to JP Morgan for $2 per share, (the deal was later revised to $10 a share), and insisted on finding other sources of financing instead.<ref>{{cite web|title=John Mack on Saving Morgan Stanley, Inside the Bunker |publisher=[[Wharton School of the University of Pennsylvania]]|date=October 14, 2009 |url=https://www.youtube.com/watch?v=R9sQtmPAYO0 |format= [[Flash Video]] (26:22) |access-date=May 19, 2010}}</ref>
{{see also|Financial crisis of 2007–08}}
⚫
Mack guided the firm through the [[financial crisis of 2008]],<ref name=Forbes-CitiCrisis-2008>{{cite news|last1=Raghavan|first1=Anita|title=Citi's Bad Bet|url=https://www.forbes.com/2008/05/14/old-lane-citigroup-biz-cx_ar_0514oldlane.html|accessdate=13 November 2015|work=[[Forbes (magazine)|Forbes]]|date=14 May 2008}}</ref> building its capital position and overseeing the firm's conversion to a bank holding company. To stabilize the firm, he forged strategic alliances with China Investment Corporation and Mitsubishi UFJ Group and entered into a joint venture with Smith Barney, forming at the time the world's largest wealth management firm. During the crisis, Mack was advised by U.S. Treasury Secretary [[Hank Paulson]] and the head of the Federal Reserve Bank [[Ben Bernanke]] to sell Morgan Stanley. He has stated that during negotiations he was under considerable pressure from the president of the New York Federal Reserve, [[Tim Geithner]], to sell or merge Morgan Stanley to one of his competitors such as [[JPMorgan Chase|JP Morgan]].<ref name=WSJ-WallStreetDied-2008>{{cite news|last1=Craig|first1=Susanne|last2=McCracken|first2=Jeffrey|last3=Luccetti|first3=Aaron|last4=Kelly|first4=Kate|title=The Weekend That Wall Street Died|url=https://www.wsj.com/articles/SB123051066413538349|accessdate=12 November 2015|work=[[The Wall Street Journal]]|date=29 December 2008}}</ref> Mack saw this as being contrary to the interests of Morgan Stanley shareholders and employees, similar to the demise of [[Bear Stearns]] in a forced sale to JP Morgan for $2 per share, (the deal was later revised to $10 a share), and insisted on finding other sources of financing instead.<ref>{{cite web|title=John Mack on Saving Morgan Stanley, Inside the Bunker |publisher=[[Wharton School of the University of Pennsylvania]]|date=October 14, 2009 |url=https://www.youtube.com/watch?v=R9sQtmPAYO0 |format= [[Flash Video]] (26:22) |accessdate=May 19, 2010}}</ref>


== Board memberships ==
== Board memberships ==
* [[New York-Presbyterian Hospital]]: Chairman Emeriti, Board of Trustees <ref name=NYP>{{cite web|title=Hospital Leadership - Board of Trustees|url=http://nyp.org/about/board-trustees.html|publisher=New York Presbyterian|accessdate=7 July 2019}}</ref>
* [[New York-Presbyterian Hospital]]: Chairman Emeriti, Board of Trustees – Joined 1992 <ref name=NYP>{{cite web|title=Hospital Leadership - Board of Trustees|url=http://nyp.org/about/board-trustees.html|publisher=New York Presbyterian|access-date=7 July 2019}}</ref>
* [[Duke University]]: Board of Trustees
* [[Duke University]]: board of trustees
* University Hospital of Columbia University: Board member
* University Hospital of Columbia University: board member
* University Hospital of Cornell University: Board member
* University Hospital of Cornell University: board member
* [[IMG (company)|IMG]]: Director
* [[IMG (company)|IMG]]: director
* [[Bloomberg Family Foundation]]: Board member<ref name=NYTimes-KKR-2012 />
* [[Bloomberg Family Foundation]]: board member<ref name=NYTimes-KKR-2012 />
* Business Council: Member
* Business Council: member
* Business Roundtable: Member
* [[Business Roundtable]]: member
* [[China Investment Corporation]]: International Advisory Council
* [[China Investment Corporation]]: International Advisory Council
* Mayor of [[Beijing]]: International Business Leaders Advisory Council
* Mayor of [[Beijing]]: International Business Leaders Advisory Council
* [[Monetary Authority of Singapore]]: International Advisory Panel
* [[Monetary Authority of Singapore]]: international advisory panel
* [[Partnership for New York City]]: Executive committee, Director
* [[Partnership for New York City]]: executive committee, director
* November 2011: Rev Worldwide: Board of directors<ref name=WSJ-NextAct-2011>{{cite news|last1=Philbin|first1=Brett|title=Deal Journal: John Mack Is Finding His Next Act|url=https://blogs.wsj.com/deals/2011/11/09/john-mack-is-finding-his-next-act/|accessdate=13 November 2015|work=[[The Wall Street Journal]]|date=9 November 2011}}</ref>
* November 2011: Rev Worldwide: board of directors<ref name=WSJ-NextAct-2011>{{cite news|last1=Philbin|first1=Brett|title=Deal Journal: John Mack Is Finding His Next Act|url=https://blogs.wsj.com/deals/2011/11/09/john-mack-is-finding-his-next-act/|access-date=13 November 2015|work=[[The Wall Street Journal]]|date=9 November 2011}}</ref>
* 2012: [[Lending Club|LendingClub]]: Board member<ref name=BusinessWeek-LendingTree-2012>{{cite news|last1=Campbell|first1=Dakin|title=Ex-Morgan Stanley CEO John Mack Joins LendingClub Board|url=http://www.businessweek.com/news/2012-04-12/ex-morgan-stanley-ceo-john-mack-joins-lendingclub-board|accessdate=13 November 2015|work=[[Business Week]]|date=12 April 2012|archiveurl=https://web.archive.org/web/20120413033048/http://www.businessweek.com/news/2012-04-12/ex-morgan-stanley-ceo-john-mack-joins-lendingclub-board|archivedate=13 April 2012}}</ref>
* 2012: [[Lending Club|LendingClub]]: board member<ref name=BusinessWeek-LendingTree-2012>{{cite news|last1=Campbell|first1=Dakin|title=Ex-Morgan Stanley CEO John Mack Joins LendingClub Board|url=http://www.businessweek.com/news/2012-04-12/ex-morgan-stanley-ceo-john-mack-joins-lendingclub-board|access-date=13 November 2015|work=[[Business Week]]|date=12 April 2012|archive-url=https://web.archive.org/web/20120413033048/http://www.businessweek.com/news/2012-04-12/ex-morgan-stanley-ceo-john-mack-joins-lendingclub-board|archive-date=13 April 2012}}</ref>


== Philanthropy ==
== Philanthropy ==
Mack has donated to various entities through the Christy and John Mack Foundation, formerly known as C.J. Mack Foundation:
Mack has donated to various entities through the Christy and John Mack Foundation, formerly known as C.J. Mack Foundation:
* 1999: [[Duke University]]: $10 million to support various initiatives<ref name=Chronicle-10MillionDuke-1999>{{cite news|last1=Stroup|first1=Katherine|title=Couple contributes $10-million donation to Campaign for Duke|url=http://www.dukechronicle.com/article/1999/02/couple-contributes-10-million-donation-campaign-duke|accessdate=12 November 2015|work=[[The Chronicle (Duke University)|The Chronicle]]|date=26 February 1999}}</ref>
* 1999: [[Duke University]]: $10 million to support various initiatives<ref name=Chronicle-10MillionDuke-1999>{{cite news|last1=Stroup|first1=Katherine|title=Couple contributes $10-million donation to Campaign for Duke|url=http://www.dukechronicle.com/article/1999/02/couple-contributes-10-million-donation-campaign-duke|access-date=12 November 2015|work=[[The Chronicle (Duke University)|The Chronicle]]|date=26 February 1999}}</ref>
* 2004: [[Duke University]]: $10 million to support integrative medicine<ref name=DukeMedicine-10Million-2004>{{cite news|last1=Duke Medicine News and Communications|title=C.J. Mack Foundation Gives $10 Million to Duke Center for Integrative Medicine|url=http://corporate.dukemedicine.org/news_and_publications/news_office/news/7393|accessdate=12 November 2015|work=Duke Medicine|date=30 January 2004}}</ref>
* 2004: [[Duke University]]: $10 million to support integrative medicine<ref name=DukeMedicine-10Million-2004>{{cite news|last1=Duke Medicine News and Communications|title=C.J. Mack Foundation Gives $10 Million to Duke Center for Integrative Medicine|url=http://corporate.dukemedicine.org/news_and_publications/news_office/news/7393|access-date=12 November 2015|work=Duke Medicine|date=30 January 2004}}</ref>
* 2005: [[United States Naval Academy|United States Naval Academy Foundation]]: Endowment to support the Admiral [[Frank Bowman]] [http://www.usna.edu/BowmanProgram/ Scholar Program]
* 2005: [[United States Naval Academy|United States Naval Academy Foundation]]: Endowment to support the Admiral [[Frank Bowman]] [http://www.usna.edu/BowmanProgram/ Scholar Program]
* 2007: [[Shaw University]]: $5 million to support academic scholarships to this historically black college<ref name=Crains-Shaw5Million-2007>{{cite news|last1=Jones|first1=David|title=Mack, wife donate $5M to Shaw University|url=http://www.crainsnewyork.com/article/20070319/FREE/70319014/mack-wife-donate-5m-to-shaw-university|accessdate=13 November 2015|work=[[Crains New York Business]]|date=19 March 2007}}</ref>
* 2007: [[Shaw University]]: $5 million to support academic scholarships to this historically black college<ref name=Crains-Shaw5Million-2007>{{cite news|last1=Jones|first1=David|title=Mack, wife donate $5M to Shaw University|url=http://www.crainsnewyork.com/article/20070319/FREE/70319014/mack-wife-donate-5m-to-shaw-university|access-date=13 November 2015|work=[[Crains New York Business]]|date=19 March 2007}}</ref>

Mack has sat on the board of trustees of [[NewYork–Presbyterian Hospital]] since 1992.<ref>{{cite web|url=https://www.nyp.org/about-us/governance-and-leadership/board-of-trustees|title=NYP.org About Us Governance and Leadership Board of Trustees|accessdate=7 July 2019}}</ref> He was chairman of the board for 5 years and was integral to the funding and construction of NYP [[Morgan Stanley Children's Hospital]], the only stand-alone children's hospital in New York City.


== In media ==
== In media ==
Mack earned the nickname "Mack the Knife" for his cost-cutting prowess while managing the fixed income division at Morgan Stanley, and he lived up to his billing at CSFB, where he cut 10,000 jobs and returned the bank to profitability.<ref name=FT-MacktheKnife-2013>{{cite news|last1=Saigol|first1=Lina|title=‘Mack the Knife’ brings fearsome reputation to new role|url=http://www.ft.com/cms/s/0/d9a8b080-d335-11e2-b3ff-00144feab7de.html|accessdate=12 November 2015|work=[[Financial Times]]|date=12 June 2013}}</ref>
Mack earned the nickname "Mack the Knife" for his cost-cutting prowess while managing the fixed income division at Morgan Stanley, and he lived up to his billing at CSFB, where he cut 10,000 jobs and returned the bank to profitability.<ref name=FT-MacktheKnife-2013>{{cite news|last1=Saigol|first1=Lina|title='Mack the Knife' brings fearsome reputation to new role|url=http://www.ft.com/cms/s/0/d9a8b080-d335-11e2-b3ff-00144feab7de.html|archive-url=https://ghostarchive.org/archive/20221211231234/https://www.ft.com/content/d9a8b080-d335-11e2-b3ff-00144feab7de|archive-date=11 December 2022|url-access=subscription|url-status=live|access-date=12 November 2015|work=[[Financial Times]]|date=12 June 2013}}</ref>

⚫
Mack was portrayed in the [[HBO]] film ''[[Too Big to Fail (film)|Too Big to Fail]]'' by [[Tony Shalhoub]] and in the [[BBC]] film ''[[The Last Days of Lehman Brothers]]'' by [[Henry Goodman]]. His career is also covered in detail in a 2007 book by Patricia Beard, ''[[Blue Blood and Mutiny: The Fight for the Soul of Morgan Stanley]]''. The 2010 documentary ''Plunder: The Crime of Our Time'' by [[Danny Schechter]] opens with a demonstration outside his home by people who lost their houses in the [[Great Recession]].<ref>{{Cite web|url=http://www.pacificfreepress.com/2010/07/25/opinion/crime-of-our-time.html|title=Crime of Our Time|last=News|first=The Real|website=Pacific Free Press|language=en-gb|access-date=2019-07-25}}</ref>


Mack's personal memoire and career retrospective, "Up Close and All in: Life Lessons from a Wall Street Warrior," was published by Simon & Schuster in October 2022.<ref>{{cite book | url=https://www.simonandschuster.com/books/Up-Close-and-All-In/John-Mack/9781982174279 | isbn=9781982174279 | title=Up Close and All in | date=11 October 2022 }}</ref>
⚫
Mack was portrayed in the [[HBO]] film ''[[Too Big to Fail (film)|Too Big to Fail]]'' by [[Tony Shalhoub]] and in the [[BBC]] film ''[[The Last Days of Lehman Brothers]]'' by [[Henry Goodman]]. His career is also covered in detail in a 2007 book by Patricia Beard, ''[[Blue Blood and Mutiny: The Fight for the Soul of Morgan Stanley]]''. The 2010 documentary ''Plunder: The Crime of Our Time'' by [[Danny Schechter]] opens with a demonstration outside his home by people who lost their houses in the financial crisis.<ref>{{Cite web|url=http://www.pacificfreepress.com/2010/07/25/opinion/crime-of-our-time.html|title=Crime of Our Time|last=News|first=The Real|website=Pacific Free Press|language=en-gb|access-date=2019-07-25}}</ref>


== Selected interviews ==
== Selected interviews ==
* Mack, John. "[https://www.youtube.com/watch?v=R9sQtmPAYO0 Wharton Leadership Lecture: John Mack on Saving Morgan Stanley, Inside the Bunker.]" ''Knowledge at Wharton.'' University of Pennsylvania. October 14, 2009.<ref name=Penn-Wharton-InsideBunker-2009>{{cite news|title=Inside the Bunker: CEO John Mack on Saving Morgan Stanley|url=http://knowledge.wharton.upenn.edu/article/inside-the-bunker-ceo-john-mack-on-saving-morgan-stanley/|accessdate=13 November 2015|work=[[University of Pennsylvania]]|date=14 October 2009}}</ref>
* Mack, John. "[https://www.youtube.com/watch?v=R9sQtmPAYO0 Wharton Leadership Lecture: John Mack on Saving Morgan Stanley, Inside the Bunker.]" ''Knowledge at Wharton.'' University of Pennsylvania. October 14, 2009.<ref name=Penn-Wharton-InsideBunker-2009>{{cite news|title=Inside the Bunker: CEO John Mack on Saving Morgan Stanley|url=http://knowledge.wharton.upenn.edu/article/inside-the-bunker-ceo-john-mack-on-saving-morgan-stanley/|access-date=13 November 2015|work=[[University of Pennsylvania]]|date=14 October 2009}}</ref>
* Mack, John and [[Hank Paulson]]. "[https://www.youtube.com/watch?v=XoSMXx83oxk Mack, Paulson full interview.]" ''CNN Money.'' NYU Stern School of Business. March 2010.
* Mack, John and [[Hank Paulson]]. "[https://www.youtube.com/watch?v=XoSMXx83oxk Mack, Paulson full interview.]" ''CNN Money.'' NYU Stern School of Business. March 2010.
* [[Charlie Rose|Rose, Charlie]]. "[https://web.archive.org/web/20151117014210/http://charlierose.com/watch/50116477 Zhou Wenzhong; John Mack, Chairman, Morgan Stanley; Kenneth Roth on Human Rights in China; An appreciation of Reynolds Price.]" ''[[Charlie Rose (TV series)|Charlie Rose]].'' January 20, 2011. Interview starts at 25:30.
* [[Charlie Rose|Rose, Charlie]]. "[https://web.archive.org/web/20151117014210/http://charlierose.com/watch/50116477 Zhou Wenzhong; John Mack, Chairman, Morgan Stanley; Kenneth Roth on Human Rights in China; An appreciation of Reynolds Price.]" ''[[Charlie Rose (TV series)|Charlie Rose]].'' January 20, 2011. Interview starts at 25:30.


== Personal life ==
== Personal life ==
Mack is married to Christy Mack (née King). Mr. and Mrs. Mack reside in New York City. They have three children.
Mack is married to Meredith Mack (née King). They have three children.<ref name=DukeUniversity-ChristyMackBio>{{cite web|title=Board of Visitors: Christy King Mack, P’99, ‘01 Mr Mack now resides in the Pittsburgh suburb of Sewickly Heights, where his wife Meredith was born and raised|url=http://dukeforward.dukemedicine.org/learn-more/board-of-visitors/christy-king-mack/|website=Duke biatchUniversity|accessdate=12 November 2015}}</ref>


== References ==
== References ==
Line 105: Line 107:
* Beard, Patricia. ''Blue Blood and Mutiny: The Fight for the Soul of Morgan Stanley.'' New York: Harper Perennial, 2008. {{ISBN|978-0-060-88192-4}} {{OCLC|712591278}}
* Beard, Patricia. ''Blue Blood and Mutiny: The Fight for the Soul of Morgan Stanley.'' New York: Harper Perennial, 2008. {{ISBN|978-0-060-88192-4}} {{OCLC|712591278}}
* Mack, John J. "[https://online.wsj.com/public/resources/documents/MS021109.pdf Testimony of John J. Mack Chairman and Chief Executive Officer, Morgan Stanley before the United States House of Representatives Committee on Financial Services.]" February 11, 2009.
* Mack, John J. "[https://online.wsj.com/public/resources/documents/MS021109.pdf Testimony of John J. Mack Chairman and Chief Executive Officer, Morgan Stanley before the United States House of Representatives Committee on Financial Services.]" February 11, 2009.
* {{C-SPAN|johnjmack}}
* {{C-SPAN|1031824}}


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[[Category:American chief executives of financial services companies]]
[[Category:American chief executives of financial services companies]]
[[Category:Duke University alumni]]
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[[Category:Kohlberg Kravis Roberts people]]

Latest revision as of 13:35, 27 February 2024

For other people named John Mack, see John Mack (disambiguation).
John J. Mack
Born (1944-11-17) November 17, 1944 (age 79)
Mooresville, North Carolina, United States
CitizenshipUnited States
Alma materDuke University
OccupationBanker
Years active1967-present
Known forChairman, Morgan Stanley
(Jun 30, 2005 - Jan 1, 2012)
CEO, Credit Suisse
(2001 - 2004)
CEO, Morgan Stanley
(Jun 30, 2005 - Jan 1, 2010)
Senior Advisor, KKR
(2012-present)
Political partyIndependent
SpouseChristy Mack
Children3

John J. Mack (born November 17, 1944) is a senior advisor to the investment firm Kohlberg Kravis Roberts and the former CEO and chairman of the board at Morgan Stanley, the New York–based investment bank and brokerage firm.[1][2]

Early life and education[edit]

Mack was born in Mooresville, North Carolina, the son of Alice (née Azouri) and Charles Mack. Mack's father's original family name was Makhoul; he came to the United States from Lebanon when he was 12 years old, following Mack's grandfather, who had arrived at Ellis Island in 1909.[3]

The family settled in North Carolina. Mack's father ran a wholesale grocery, clothing, and general merchandise store called John Mack & Son in Mooresville, North Carolina.[4] The business occupied The John Mack Building from 1937 to the 1990s.[5] Mack is the youngest of six sons. The family was Catholic.[6]

In 1968, Mack graduated from Duke University, where he attended on a football scholarship and majored in history. Mack's first job in finance was as a clerk at a small brokerage house during his junior year at Duke, after a cracked vertebra made it impossible for him to continue on his football scholarship.[6]

Career[edit]

Morgan Stanley[edit]

Mack worked at several firms around Wall Street before starting his career at Morgan Stanley in 1972 as a salesman, and has since worked for the company for nearly thirty years. Rising steadily to positions of increasing responsibility, Mack eventually headed the firm's Worldwide Taxable Fixed Income Division from 1985 to 1992.[7] In 1987, he became a member of the board of directors. In March 1992, he assumed responsibility for Morgan Stanley's day-to-day operations as chairman of the operating committee. He was named president of Morgan Stanley in June 1993. Mack served as president, chief operating officer and a director of Morgan Stanley Dean Witter & Co. from May 1997 when the firm was created by the merger of Morgan Stanley and Dean Witter, two of the world's leading financial services companies.[8]

In 2001, Mack left Morgan Stanley after a power struggle with Phil Purcell; Purcell became CEO of Morgan Stanley after the 1997 merger of Morgan Stanley and Dean Witter, of which Purcell was already CEO.

Credit Suisse[edit]

Six months later, in June 2001, Mack was hired as CEO of Credit Suisse, then known as Credit Suisse First Boston (CSFB).[9] Mack's time at Credit Suisse was marked by much restructuring and by compliances issues created by Frank Quattrone's Technology Group.[10]

Morgan Stanley redux[edit]

On June 30, 2005, Mack returned to Morgan Stanley as chief executive officer and chairman of the board, replacing Purcell.[11][12] Mack was noted for stabilizing the firm and reenergizing its culture and client franchise,[13] despite an economic downturn.[14]

Mack announced his retirement as chief executive officer on September 10, 2009, which was effective January 1, 2010.[15] In 2011, Mack retired from Morgan Stanley[16] after more than 30 years as an investment banker.[17] Former co-president James P. Gorman succeeded him as CEO.

Kohlberg Kravis Roberts[edit]

In 2012, Mack joined Kohlberg Kravis Roberts as a senior advisor.[18][19]

Rosneft[edit]

In 2013 Mack joined Rosneft, the Russian, state-owned, oil company that has BP as an investor of approximately 20%. In 2014 he announced his departure,[20] shortly after the CEO Igor Sechin had sanctions imposed upon him by the US. Different reasons were given for his departure; Mack said his contract had only been for a year, while Rosneft spokespeople said he had decided to leave for personal reasons.

Insider trading accusations[edit]

In 2006, Mack was accused by former SEC investigator Gary J. Aguirre of insider trading.[21][22] On October 5, 2006, the SEC recommended no action be taken against Mack. In late November 2006, Mack and Pequot were notified that the investigation had been closed and no action would be taken against them.

Compensation[edit]

While CEO of Morgan Stanley in 2006, Mack earned a total compensation of $41,399,010, which included a base salary of $800,000, stocks granted of $36,179,923, and options granted of $4,019,934.[23]

In 2008, he earned a total compensation of $1,235,097, which included a base salary of $800,000 and other compensation of $435,097. He did not receive any cash, stock, or options.[24]

In 2014, Mack defended the high fees paid to CEOs,[25] saying on Bloomberg Television that the discussion of compensation was healthy, but that CEOs earn the rates.[26]

Financial crisis of 2007–2008[edit]

Mack guided the firm through the financial crisis of 2007–2008,[27] building its capital position and overseeing the firm's conversion to a bank holding company. To stabilize the firm, he forged strategic alliances with China Investment Corporation and Mitsubishi UFJ Group and entered into a joint venture with Smith Barney, forming at the time the world's largest wealth management firm. During the crisis, Mack was advised by U.S. Treasury Secretary Hank Paulson and the head of the Federal Reserve Bank Ben Bernanke to sell Morgan Stanley. He has stated that during negotiations he was under considerable pressure from the president of the New York Federal Reserve, Tim Geithner, to sell or merge Morgan Stanley to one of his competitors such as JP Morgan.[28] Mack saw this as being contrary to the interests of Morgan Stanley shareholders and employees, similar to the demise of Bear Stearns in a forced sale to JP Morgan for $2 per share, (the deal was later revised to $10 a share), and insisted on finding other sources of financing instead.[29]

Board memberships[edit]

Philanthropy[edit]

Mack has donated to various entities through the Christy and John Mack Foundation, formerly known as C.J. Mack Foundation:

Mack has sat on the board of trustees of NewYork–Presbyterian Hospital since 1992.[36] He was chairman of the board for 5 years and was integral to the funding and construction of NYP Morgan Stanley Children's Hospital, the only stand-alone children's hospital in New York City.

In media[edit]

Mack earned the nickname "Mack the Knife" for his cost-cutting prowess while managing the fixed income division at Morgan Stanley, and he lived up to his billing at CSFB, where he cut 10,000 jobs and returned the bank to profitability.[37]

Mack was portrayed in the HBO film Too Big to Fail by Tony Shalhoub and in the BBC film The Last Days of Lehman Brothers by Henry Goodman. His career is also covered in detail in a 2007 book by Patricia Beard, Blue Blood and Mutiny: The Fight for the Soul of Morgan Stanley. The 2010 documentary Plunder: The Crime of Our Time by Danny Schechter opens with a demonstration outside his home by people who lost their houses in the Great Recession.[38]

Mack's personal memoire and career retrospective, "Up Close and All in: Life Lessons from a Wall Street Warrior," was published by Simon & Schuster in October 2022.[39]

Selected interviews[edit]

Personal life[edit]

Mack is married to Christy Mack (née King). Mr. and Mrs. Mack reside in New York City. They have three children.

References[edit]

  1. ^ Angelova, Kamelia (14 September 2009). "The Legendary Career Of John J. Mack". Business Insider. Retrieved 12 November 2015.
  2. ^ Pressler, Jessica (8 April 2012). "Look Who's Back: John Mack is no longer at the top of Morgan Stanley. So he's getting his fix elsewhere". New York. Retrieved 12 November 2015.
  3. ^ Thomas Jr., Landon (1 August 2006). "From Lebanese-American Financiers, Differing Views on the Strife". The New York Times. Retrieved 12 November 2015.
  4. ^ "Madeline Mack (1914-2006)". Mack and Mack Clothing. Archived from the original on 17 November 2015. Retrieved 13 November 2015.
  5. ^ "Mooresville Historic Walking Tour" (PDF). Town of Mooresville. Archived from the original (PDF) on 4 March 2016. Retrieved 13 November 2015.
  6. ^ a b "John J. Mack". The Horatio Alger Association. Archived from the original on 17 November 2015. Retrieved 12 November 2015.
  7. ^ Carney, John (8 December 2011). "Morgan Stanley Bids John Mack Farewell". CNBC. Retrieved 11 January 2016.
  8. ^ Barboza, David (6 February 1997). "Veteran Executive Is 'Tough And Direct'". The New York Times. Retrieved 12 November 2015.
  9. ^ McGeehan, Patrick (27 January 2002). "His Rallying Cry at First Boston: Smaller, Cleaner, Fairer". The New York Times. Retrieved 12 November 2015.
  10. ^ Sellers, Patricia (1 September 2003). "The Trials of John Mack". Fortune. Retrieved 13 November 2015.
  11. ^ "Morgan Stanley's Mack Attack". Business Week. 20 June 2006. Retrieved 13 November 2015.
  12. ^ "John Mack Elected Chairman and CEO of Morgan Stanley". Morgan Stanley. 30 June 2005. Retrieved 12 November 2015.
  13. ^ Bizouati, Yaël; Basar, Shanny (6 April 2009). "Was Purcell right about Morgan Stanley after all?". Financial News. Retrieved 12 November 2015.
  14. ^ Bowley, Graham (July 22, 2009). "Red Ink Stains Bank and Banker". The New York Times. Retrieved November 12, 2015.
  15. ^ McFadden, Jeanmarie; Charnas, Suzanne (10 September 2009). "Morgan Stanley Announces CEO Succession Plan". Morgan Stanley. Retrieved 12 November 2015.
  16. ^ Levin, Bess (8 December 2011). "John Mack: If I Wasn't A Banker, I Would Have Been A Women's Shoe Salesman". Dealbreaker. Retrieved 12 November 2015.
  17. ^ Rushe, Dominic (15 September 2011). "John Mack, aka Mack the Knife, steps down from Morgan Stanley after 30 years". The Guardian. Retrieved 12 November 2015.
  18. ^ a b De La Merced, Michael J. (27 March 2012). "K.K.R. Hires Mack as Senior Adviser". The New York Times. Retrieved 12 November 2015.
  19. ^ Benoit, David (27 March 2012). "Deal Journal: John Mack to Join KKR as Senior Adviser". The Wall Street Journal. Retrieved 13 November 2015.
  20. ^ "John Mack steps down from Rosneft". Financial times. 29 May 2014. Archived from the original on 11 December 2022. Retrieved 30 October 2016.
  21. ^ Moyer, Liz (21 July 2006). "SEC Wants Mack". Forbes. Retrieved 13 November 2015.
  22. ^ Morgenson, Gretchen; Bogdanich, Walt (4 August 2007). "Report Says S.E.C. Erred on Pequot". The New York Times. Retrieved 13 November 2015.
  23. ^ "Executive Compensation: 2007 Annual Comp.: John J. Mack". Equilar. 2007. Archived from the original on 8 February 2009. Retrieved 13 November 2015.
  24. ^ "Executive Compensation: 2008 Annual Comp.: John J. Mack". Equilar. 2008. Archived from the original on 14 April 2009. Retrieved 13 November 2015.
  25. ^ Taibbi, Matt (13 February 2014). "Ex-Morgan Stanley Chief Jams Foot in Mouth, Complains of CEO Abuse". Rolling Stone. Retrieved 12 November 2015.
  26. ^ Ruhle, Stephanie; Miller, Matt (11 February 2014). "John Mack Says Wall Street Pay Debate Is 'Healthy'". Bloomberg Television. Retrieved 12 November 2015.
  27. ^ Raghavan, Anita (14 May 2008). "Citi's Bad Bet". Forbes. Retrieved 13 November 2015.
  28. ^ Craig, Susanne; McCracken, Jeffrey; Luccetti, Aaron; Kelly, Kate (29 December 2008). "The Weekend That Wall Street Died". The Wall Street Journal. Retrieved 12 November 2015.
  29. ^ "John Mack on Saving Morgan Stanley, Inside the Bunker" (Flash Video (26:22)). Wharton School of the University of Pennsylvania. October 14, 2009. Retrieved May 19, 2010.
  30. ^ "Hospital Leadership - Board of Trustees". New York Presbyterian. Retrieved 7 July 2019.
  31. ^ Philbin, Brett (9 November 2011). "Deal Journal: John Mack Is Finding His Next Act". The Wall Street Journal. Retrieved 13 November 2015.
  32. ^ Campbell, Dakin (12 April 2012). "Ex-Morgan Stanley CEO John Mack Joins LendingClub Board". Business Week. Archived from the original on 13 April 2012. Retrieved 13 November 2015.
  33. ^ Stroup, Katherine (26 February 1999). "Couple contributes $10-million donation to Campaign for Duke". The Chronicle. Retrieved 12 November 2015.
  34. ^ Duke Medicine News and Communications (30 January 2004). "C.J. Mack Foundation Gives $10 Million to Duke Center for Integrative Medicine". Duke Medicine. Retrieved 12 November 2015.
  35. ^ Jones, David (19 March 2007). "Mack, wife donate $5M to Shaw University". Crains New York Business. Retrieved 13 November 2015.
  36. ^ "NYP.org About Us Governance and Leadership Board of Trustees". Retrieved 7 July 2019.
  37. ^ Saigol, Lina (12 June 2013). "'Mack the Knife' brings fearsome reputation to new role". Financial Times. Archived from the original on 11 December 2022. Retrieved 12 November 2015.
  38. ^ News, The Real. "Crime of Our Time". Pacific Free Press. Retrieved 2019-07-25. {{cite web}}: |last= has generic name (help)
  39. ^ Up Close and All in. 11 October 2022. ISBN 9781982174279.
  40. ^ "Inside the Bunker: CEO John Mack on Saving Morgan Stanley". University of Pennsylvania. 14 October 2009. Retrieved 13 November 2015.

Further reading[edit]

Business positions
Preceded by CEO of Morgan Stanley
2005-2009 		Succeeded by
Preceded by CEO of Credit Suisse First Boston
2001–2004 		Succeeded by
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