"We have listened carefully to our institutional shareholders, to our clients, and to the leadership ranks within the firm, and we have put in place a program that positions Morgan Stanley at the forefront of good governance practices, " the board said in the statement.

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While Lieblein and others have successfully risen through the ranks, the industry is struggling to attract and retain women in its senior positions.

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The next month, he brought in two executives and eliminated several key positions from the company's upper ranks.

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This means it swapped positions with Seoul Incheon, which was top last year and ranks second this time.

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