Morgan Stanley hired its first CMO

Investment bank and financial services company Morgan Stanley has hired a chief medical officer for the first time in the firm’s history, according to Business Insider.

Morgan Stanley hired David Stark, MD, as CMO and head of HR data and analytics, with the intent to tackle rising healthcare costs and improve employee wellness. Stark, who was an assistant professor at Mount Sinai Icahn School of Medicine, also founded Lab100, a clinic and research lab built with Mount Sinai that became known as “the clinic of the future.”

The hire is somewhat unusual for the financial industry, but also highlights a rising trend of major employers seeking to lower healthcare costs for employees.

“We created this new role, uniting HR data and analytics with the role of chief medical officer, in order to foster innovation in employee wellness and health care coverage," Jeff Brodsky, chief human resources officer at Morgan Stanley, told Business Insider. "Harnessing our HR data, we can achieve better wellness for our employees and address rising health care costs."

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