NEW YORK (Reuters) - A shareholder activist group is weighing a campaign aimed at persuading Morgan Stanley investors to withhold their vote for Chief Executive John Mack as chairman of the bank's board, according to the New York Times on Tuesday.
The CtW Investment Group, which represents union-sponsored pension funds with around $1.4 trillion, is hoping to persuade Morgan Stanley's board to appoint an independent chairman, and an announcement of its effort could come as soon as Wednesday, said the Times.
Mack presided over close to $11 billion in write-offs and a wholesale revamping of Morgan Stanley's risk management process.
The report cites CtW executive director William Patterson saying the argument for Mack to step down is "pretty strong right now."
Morgan Stanley and CtW were not immediately available for comment.
(Reporting by Yinka Adegoke; Editing by Quentin Bryar)
