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Morgan Stanley Gains New Board Member With Accounting Standards Expertise

Morgan Stanley recently announced the addition of a new board member.

Financial giant Morgan Stanley has elected a new member to its Board of Directors. Robert Herz, former chairman of the Financial Accounting Standards Board, will assume his new role on July 2.

In addition to his eight-year tenure as head of the FASB, Herz has served as a member of the International Accounting Standards Board, and as head of the federal mortgage company Fannie Mae. Other appointments include the Accounting Standards Oversight Council of Canada and the Standing Advisory Group of the Public Company Accounting Oversight Board. His personal consulting firm, Robert H. Herz LLC, specializes in assisting companies with their financial reporting issues.

"We are extremely pleased to welcome Mr. Herz to the Board," said James P. Gorman, Chairman and CEO of Morgan Stanley. "His many years of leadership in the realm of accounting and financial reporting mean that Morgan Stanley's Board will possess yet another voice of experience on matters of critical importance to our businesses, our clients and our shareholders."

Herz is an executive-in-residence at the Columbia University Business School, and a trustee and vice chair of the Kessler Foundation.