HONG KONG -- Morgan Stanley said Thursday it appointed Kate Richdale as the firm's new chief executive for Southeast Asia, succeeding Ronald Ong who will become chairman.

The appointments came after Greg Terry stepped down as chairman to become senior adviser to the firm in the region.

In her new role, Ms. Richdale will also head of investment banking for Southeast Asia. She will be based in Singapore.

Ms. Richdale was most recently managing director, based in Hong Kong, heading the firm's Asia Pacific general industries group within investment banking.

Mr. Ong has been the firm's chief executive for Southeast Asia since 2004.

Morgan Stanley announced earlier this month that it had been granted a regulatory license to offer onshore investment banking, underwriting and brokerage services in Indonesia.

Earlier this year, the firm formed Morgan Stanley Gateway Securities in Vietnam to offer investment banking advisory and underwriting, brokerage services, research and principal investing.

Write to Ellen Sheng at ellen.sheng@dowjones.com