• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

'The golden years are not golden': Boomers are hoarding most of America's wealth and power because they're terrified of outliving their money

2

AI CEOs from OpenAI, Anthropic, and Microsoft set aside their rivalry to warn Congress AI is making it too easy to design and create bioweapons

3

The Strait of Hormuz is more open than previously thought as the U.S. shoots down Iranian drones threatening ships and provides 'naval overwatch'

1

'The golden years are not golden': Boomers are hoarding most of America's wealth and power because they're terrified of outliving their money

2

AI CEOs from OpenAI, Anthropic, and Microsoft set aside their rivalry to warn Congress AI is making it too easy to design and create bioweapons

3

The Strait of Hormuz is more open than previously thought as the U.S. shoots down Iranian drones threatening ships and provides 'naval overwatch'
FinanceBanks

Yacht tragedy forces Morgan Stanley to find new international chair even as grief is fresh

By
Michael del Castillo
Michael del Castillo
Down Arrow Button Icon
By
Michael del Castillo
Michael del Castillo
Down Arrow Button Icon
September 3, 2024, 12:59 PM ET
Photo of Jonathan Bloomer
Jonathan Bloomer helped steer the bank’s influence in Europe, the Middle East, and Africa before he was killed earlier this summer when the yacht he was on sunk off the northern coast of Sicily.John Li—Getty Images

On Aug. 19, Morgan Stanley International’s chairman, Jonathan Bloomer, died in the Mediterranean Sea aboard the Bayesian yacht, alongside his wife, Judy; Autonomy founder Mike Lynch; and four others. While the human cost of the tragedy is still being felt around the world, Morgan Stanley must now address a very real hole on its leadership team.

Recommended Video

“Jonathan’s leadership and experience helped the firm manage a period of complex change for our international businesses,” said Morgan Stanley CEO Ted Pick in a statement provided to Fortune. “He has been a friend and mentor to many and we will all greatly miss his wise counsel and spirit of kindness.”

Bloomer ran the board of Morgan Stanley International (MSI), a London-based subsidiary of Morgan Stanley, regulated in the United Kingdom, and doing business in Europe, the Middle East, and Africa. While MSI chief executive Clare Woodman runs the business side of the subsidiary, the board Bloomer oversaw “determines the strategy” of the company, according to a 2017 regulatory disclosure, “and provides oversight of the key risk and control issues that the execution of the strategy presents.”

Over the course of Bloomer’s tenure governing Morgan’s international board, the United Kingdom left the European Union, the Middle East economy emerged on the global stage, and Africa forged complex ties with China. Now, as populist political currents continue to surge throughout Europe, Bloomer’s replacement could find himself leading in equally or more difficult conditions.

Big shoes to fill

Jane Edison Stevenson, global vice chair at C-suite hiring firm Korn Ferry, says that with the passing of a chair, the bank “will need to take a look at what they anticipate to be the biggest challenges and opportunities for their business,” adding, “I can’t imagine that it would not include someone who’s equally comfortable being connected to and in a network with heads of state, as they are with heads of businesses.”

Had Bloomer been on the board of the Morgan Stanley parent, a standing committee specifically established “to oversee plans for management development and succession” would directly help select the replacement. But a source with knowledge of the matter says, “A new non-executive chair will be selected by Morgan Stanley executives in London.”

Though Morgan is being tight-lipped on the actual succession process, Edison Stevenson says it’s not unusual for bank subsidiaries to conduct their own research, and nominate their own leaders, to a certain point. “It needs to be interconnected,” she says. “So typically, there would be oversight directly from the parent organization. And it depends on the way they’re structured and the way it works as to whether they would have veto power.”

Fortune asked Morgan Stanley how the hiring process was being structured, but the company did not provide a response.

A look at others to hold the position provides some insight into the type of executive Morgan Stanley is likely to seek. Those include Bloomer’s immediate predecessor, Ian Plenderleith, who worked as an executive director at the Bank of England and was deputy governor of the South African Reserve Bank before being appointed a Morgan Stanley director in 2011. He was named chairman in January 2014, and eventually bequeathed the title to Bloomer.

By contrast, another previous chairman of the MSI board was Walid Chammah, who was at Morgan Stanley for 14 years before being appointed director in 2007. The decision to alternate between a chair who’d been at the firm for a decade and a relative newcomer is typical, according to Charles Shanley, cofounder of Shanley Search Partners. He says about half of bank execs are promoted from within the company, while Edison Stevenson puts the number closer to 70%.

“So you have a little bit of refreshment,” she says. “And yet people have confidence that they have a career trajectory, that there are places to go, things to do.”

A hard-charging leader

In the early 2000s Bloomer made a name for himself as a hard-driving if controversial leader, when as the CEO of London-based insurance giant Prudential he tried to raise £1 billion to expand beyond the U.K. Though the effort was eventually unsuccessful, after Bloomer’s passing, Prudential credited him for helping expand its focus beyond the U.K. “We wouldn’t be the company we are today if it wasn’t for him,” the company said in a statement.

Bloomer was appointed as a non-executive director of MSI in November 2016, according to regulator documents, and two years later, as Brexit was picking up momentum, was appointed chair.

One of Bloomer’s successors has already been appointed. Earlier this month, U.K.-based insurance firm Hiscox—for which he served as chair since last year—announced it had named independent non-executive director Colin Keogh as interim leader. “We are deeply shocked and saddened by this tragic event,” said Hiscox CEO Aki Hussain in a statement provided to Fortune prior to the discovery of Bloomer’s body. “Our thoughts are with all those affected.”

About the Author
By Michael del Castillo
LinkedIn iconTwitter icon
See full bioRight Arrow Button Icon

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

Novo Nordisk CEO looks beyond weight loss to longevity and aesthetics
HealthPharmaceutical Industry
Novo Nordisk CEO looks beyond weight loss to longevity and aesthetics
By Madison Muller and BloombergJune 7, 2026
2 hours ago
SpaceX’s IPO will also be a massive selling event triggering big price dislocations across the stock market as investors dump shares to buy SPCX
InvestingIPOs
SpaceX’s IPO will also be a massive selling event triggering big price dislocations across the stock market as investors dump shares to buy SPCX
By Jason MaJune 7, 2026
3 hours ago
Trump says Fed rate increase would be wrong ahead of Warsh debut
EconomyFederal Reserve
Trump says Fed rate increase would be wrong ahead of Warsh debut
By Tony Czuczka, Jennifer A. Dlouhy and BloombergJune 7, 2026
5 hours ago
Trump stunned as stocks fall on great jobs report. Barclays explains why ‘we are entering the warning zone’
Big Techtech stocks
Trump stunned as stocks fall on great jobs report. Barclays explains why ‘we are entering the warning zone’
By Eva RoytburgJune 7, 2026
7 hours ago
AI’s mega stock deals raise specter of more shares than buyers
AItech stocks
AI’s mega stock deals raise specter of more shares than buyers
By Jeran Wittenstein, Henry Ren and BloombergJune 7, 2026
7 hours ago
U.S. floats steering frozen Iran assets to Gulf allies for repairs
PoliticsIran
U.S. floats steering frozen Iran assets to Gulf allies for repairs
By Jennifer A. Dlouhy and BloombergJune 7, 2026
8 hours ago

Most Popular

'The golden years are not golden': Boomers are hoarding most of America's wealth and power because they're terrified of outliving their money
Economy
'The golden years are not golden': Boomers are hoarding most of America's wealth and power because they're terrified of outliving their money
By Nick LichtenbergJune 7, 2026
12 hours ago
AI CEOs from OpenAI, Anthropic, and Microsoft set aside their rivalry to warn Congress AI is making it too easy to design and create bioweapons
AI
AI CEOs from OpenAI, Anthropic, and Microsoft set aside their rivalry to warn Congress AI is making it too easy to design and create bioweapons
By Marco Quiroz-GutierrezJune 5, 2026
3 days ago
The Strait of Hormuz is more open than previously thought as the U.S. shoots down Iranian drones threatening ships and provides 'naval overwatch'
Energy
The Strait of Hormuz is more open than previously thought as the U.S. shoots down Iranian drones threatening ships and provides 'naval overwatch'
By Jason MaJune 6, 2026
20 hours ago
I've sold property on California's Central Coast for decades. The buyers chasing ranch and winery estates are after more than a lifestyle
Commentary
I've sold property on California's Central Coast for decades. The buyers chasing ranch and winery estates are after more than a lifestyle
By Lindsey HarnJune 6, 2026
1 day ago
Billionaires Elon Musk and Mark Zuckerberg used mortgages to buy multimillion-dollar mansions. Here’s why that’s a savvy financial decision
Real Estate
Billionaires Elon Musk and Mark Zuckerberg used mortgages to buy multimillion-dollar mansions. Here’s why that’s a savvy financial decision
By Sydney LakeJune 6, 2026
2 days ago
Here's where U.S. debt may become unsustainable with interest payments triggering a default crisis that even steep tax hikes can't fix
Economy
Here's where U.S. debt may become unsustainable with interest payments triggering a default crisis that even steep tax hikes can't fix
By Jason MaJune 6, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.