Morgan Stanley announced Tuesday that Erskine Bowles, who has served as a director of the board since 2005, had been named as lead director.
Mr. Bowles will replace C. Robert Kidder, effective Feb. 1.
In a statement announcing the change, Morgan Stanley said Mr. Bowles’s appointment reflected the firm’s policy of rotating lead directors after a period of time. Typically, rotations occur every few years.
Mr. Bowles has also served as the chairman of the compensation, management development and succession committee since 2010. He was named co-chair of the national commission on fiscal responsibility and reform in 2010 and served as the president of the University of North Carolina from 2006 through 2010.
“Erskine brings strong leadership to the board with over four decades of distinguished experience in financial services and public service,” said James P. Gorman, Morgan Stanley’s chairman and chief executive. “We also want to take this opportunity to thank Bob for his outstanding service over the years, guiding the board through the financial crisis and the transition to a new C.E.O.”
Mr. Bowles is married to Crandall C. Bowles, who has served as a director on the board of JPMorgan Chase since 2006.
Mr. Bowles has also served as a senior adviser to Carousel Capital, a private investment firm, since 2001 and was previously a general partner at Forstmann Little & Company, the private equity firm.
Mr. Bowles is also an outspoken advocate for fiscal reforms. He is a founder of Fix the Debt, a debt reduction campaign that has advocated for cuts to social safety net programs and tax code changes that benefit corporations.
An earlier version of this article gave an incorrect surname for the new lead director of Morgan Stanley in one instance. As the article noted elsewhere, he is Mr. Bowles, not Mr. Erskine.