FINRA has elected two governors – including the president of Morgan Stanley Wealth Management - and named two new public governors to its board of governors.

The Financial Industry Regulatory Authority has elected two industry governors – including the president of Morgan Stanley Wealth Management - and named two new public governors to its board of governors.

Governors are appointed or elected to three-year terms and may not serve more than two consecutive terms.

Mark Cresap, president and owner of Cresap, and Gregory Fleming, president of Morgan Stanley Wealth Management and Morgan Stanley Investment Management, have been elected as small and large firm governors respectively.

Fleming has served as a large firm governor for the past two years and was re-elected yesterday to a second term.

Meanwhile, Elisse Walter, former chairman of the SEC, and Susan Wolburgh Jenah, president and chief executive of the Investment Industry Regulatory Organization of Canada, were named to FINRA's board as public governors.

FINRA is overseen by a 24-person board of governors, with 13 seats held by public governors and ten by industry governors. FINRA's chief executive has the remaining seat.