Gregory Fleming, president of Morgan Stanley Smith Barney and Morgan Stanley Investment Management, was elected to replace former Bank of America Merrill Lynch wealth management head Sallie Krawcheck as a large firm governor on the SRO’s Board of Governors.

“The Board is pleased to welcome Greg and I look forward to working with him on the many important issues that face investors,” FINRA Chairman and CEO Richard Ketchum said in a statement. “He brings extensive knowledge and experience to these issues and will be a great asset to our Board."

FINRA has a 22-person Board of Governors with 11 seats held by public governors and 10 by industry governors, with CEO Ketchum holding the remaining seat. Large firms, consisting of 500 or more registered persons, and small firms, consisting of 150 registered persons or fewer, each have three seats on the Board. Medium-sized firms – those with 151 to 499 registered persons – have one seat.