Kohlberg Kravis Roberts has hired former Morgan Stanley chief executive officer John Mack as a senior advisor.
Mack, who oversaw Morgan Stanley through the financial crisis that devastated the banking industry from 2007 to 2009, will assist the firm in its deal selection as well as providing operational expertise. Mack stepped down from his role as CEO in 2009, though he continued on as chairman of the firm through September of last year.
“The volatile economic environment has created a demand for both capital and operational expertise,” Mack said in a statement. “I am really looking forward to joining this team of advisors and supporting the firm’s investment activities.”
A statement from KKR co-founder Henry Kravis indicated that Mack’s appointment will help the firm make “smarter investments”.
Mack will join a diverse roster of senior advisors at KKR, including former Goldman Sachs co-head of equity Lewis Eisenberg, former Motorola and Kodak CEO George Fisher and former US ambassador to Saudi Arabia Ford Fraker.
KKR could not be reached for further comment at press time.
Mack joined Morgan Stanley in 1972 after graduating from Duke University. He rose through the ranks at the firm before leaving to join Credit Suisse in 2001, where he was eventually made co-CEO. Mack returned to Morgan Stanley in 2005 after a brief stint as the chairman and CEO of Pequit Capital, according to a Wall Street Journal biography.