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Philip Purcell

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BUSINESS
June 14, 2005 | Walter Hamilton, Times Staff Writer
Morgan Stanley Chairman and Chief Executive Philip J. Purcell succumbed Monday to a months-long effort to oust him, saying he would step down to prevent more damage to the venerable investment bank. Purcell has been locked in a bruising showdown with former Morgan executives who blame him for the company's lackluster earnings and weak stock price. The unusually public tussle riveted Wall Street but rattled the company as a wave of high-level executives defected to competitors.
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BUSINESS
July 8, 2005 | From Associated Press
Former Morgan Stanley Chairman and Chief Executive Philip J. Purcell will receive $43.9 million in bonus money and $250,000 a year for life, plus health benefits and office help, as part of his severance from the company he led for eight years. Purcell, 61, will receive half his bonus money next Jan. 15 and the rest one year later. The bonus will be adjusted by a percentage roughly equal to Morgan Stanley's annual pretax earnings growth.
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BUSINESS
May 2, 2005 | From Associated Press
Morgan Stanley's board gave Chief Executive Philip Purcell a vote of confidence but also made it easier to remove him, the financial services company said Sunday. A statement issued by the board after its meeting Saturday said that any "suggestions for management changes or a corporate reorganization" beyond a spinoff proposed by Purcell of the company's Discover Card business "would not be in the best interest of shareholders."
BUSINESS
June 14, 2005 | Walter Hamilton, Times Staff Writer
Morgan Stanley Chairman and Chief Executive Philip J. Purcell succumbed Monday to a months-long effort to oust him, saying he would step down to prevent more damage to the venerable investment bank. Purcell has been locked in a bruising showdown with former Morgan executives who blame him for the company's lackluster earnings and weak stock price. The unusually public tussle riveted Wall Street but rattled the company as a wave of high-level executives defected to competitors.
BUSINESS
May 11, 2005 | From Associated Press and Bloomberg News
Morgan Stanley Chief Executive Philip Purcell, facing investors Tuesday for the first time since the brokerage giant was roiled by a series of executive defections, defended his stewardship and declared he was "very happy" with the company's management changes. But Purcell also warned that the investment banking business had slowed industrywide in the last two months.
BUSINESS
July 8, 2005 | From Associated Press
Former Morgan Stanley Chairman and Chief Executive Philip J. Purcell will receive $43.9 million in bonus money and $250,000 a year for life, plus health benefits and office help, as part of his severance from the company he led for eight years. Purcell, 61, will receive half his bonus money next Jan. 15 and the rest one year later. The bonus will be adjusted by a percentage roughly equal to Morgan Stanley's annual pretax earnings growth.
BUSINESS
March 30, 2005 | From Associated Press
Morgan Stanley's former chairman and former president reiterated Tuesday their call for the ouster of current top executive Philip Purcell, stating that a management shake-up announced earlier in the day was not in the best interests of the company. Purcell said he was replacing President Stephan Newhouse with two co-presidents, Morgan Stanley veterans Stephen Crawford and Zoe Cruz.
BUSINESS
March 31, 2005 | From Associated Press
There was more fallout from Morgan Stanley's management shake-up Wednesday, as the investment bank's global head of institutional equity trading resigned, joining a number of other high-ranking executives who have walked out. A Morgan Stanley spokeswoman confirmed the departure of Guru Ramakrishnan. His decision to leave came a day after the resignations of his boss, John P. Havens, the head of the Institutional Equity Division, and Vikram S.
BUSINESS
April 6, 2005 | From Associated Press
A day after Morgan Stanley announced its plan to spin off its Discover Card division, eight former executives demanded Tuesday that the investment firm's chief executive, Philip Purcell, be dismissed and replaced by one of their own. In a statement, the former executives, who are also Morgan Stanley shareholders, said that Purcell should be replaced by former President Robert Scott as chief executive and that a separate, non-executive chairman be named. Purcell holds both posts.
BUSINESS
May 2, 2003 | Walter Hamilton, Times Staff Writer
In a sharply worded letter released Thursday, Securities and Exchange Commission Chairman William Donaldson rebuked the head of Morgan Stanley for suggesting that small investors should not be troubled by alleged wrongdoing by the brokerage firm detailed in this week's $1.4-billion stock analyst settlement. The settlement, which was finalized Monday, accused Morgan and nine other firms of committing widespread transgress- ions during the late 1990s bull market.
BUSINESS
May 11, 2005 | From Associated Press and Bloomberg News
Morgan Stanley Chief Executive Philip Purcell, facing investors Tuesday for the first time since the brokerage giant was roiled by a series of executive defections, defended his stewardship and declared he was "very happy" with the company's management changes. But Purcell also warned that the investment banking business had slowed industrywide in the last two months.
BUSINESS
May 2, 2005 | From Associated Press
Morgan Stanley's board gave Chief Executive Philip Purcell a vote of confidence but also made it easier to remove him, the financial services company said Sunday. A statement issued by the board after its meeting Saturday said that any "suggestions for management changes or a corporate reorganization" beyond a spinoff proposed by Purcell of the company's Discover Card business "would not be in the best interest of shareholders."
BUSINESS
April 6, 2005 | From Associated Press
A day after Morgan Stanley announced its plan to spin off its Discover Card division, eight former executives demanded Tuesday that the investment firm's chief executive, Philip Purcell, be dismissed and replaced by one of their own. In a statement, the former executives, who are also Morgan Stanley shareholders, said that Purcell should be replaced by former President Robert Scott as chief executive and that a separate, non-executive chairman be named. Purcell holds both posts.
BUSINESS
March 31, 2005 | From Associated Press
There was more fallout from Morgan Stanley's management shake-up Wednesday, as the investment bank's global head of institutional equity trading resigned, joining a number of other high-ranking executives who have walked out. A Morgan Stanley spokeswoman confirmed the departure of Guru Ramakrishnan. His decision to leave came a day after the resignations of his boss, John P. Havens, the head of the Institutional Equity Division, and Vikram S.
BUSINESS
March 30, 2005 | From Associated Press
Morgan Stanley's former chairman and former president reiterated Tuesday their call for the ouster of current top executive Philip Purcell, stating that a management shake-up announced earlier in the day was not in the best interests of the company. Purcell said he was replacing President Stephan Newhouse with two co-presidents, Morgan Stanley veterans Stephen Crawford and Zoe Cruz.
BUSINESS
May 2, 2003 | Walter Hamilton, Times Staff Writer
In a sharply worded letter released Thursday, Securities and Exchange Commission Chairman William Donaldson rebuked the head of Morgan Stanley for suggesting that small investors should not be troubled by alleged wrongdoing by the brokerage firm detailed in this week's $1.4-billion stock analyst settlement. The settlement, which was finalized Monday, accused Morgan and nine other firms of committing widespread transgress- ions during the late 1990s bull market.
BUSINESS
August 26, 2005 | From Bloomberg News
Morgan Stanley Chief Executive John Mack was dropped from a pension fund's lawsuit accusing the company's directors of wrongdoing by approving a $77-million severance deal for his predecessor, Philip Purcell. Morgan Stanley says Mack had no role in approving the deal.
BUSINESS
August 13, 1986
Philip J. Purcell has been named chairman and chief executive of the Dean Witter Financial Services Group of Sears, Roebuck & Co., Chicago. He succeeds Robert M. Gardiner, who is retiring Aug. 31. Purcell also was elected a Sears director, filling Gardiner's vacancy. Sears also named James M. Denny corporate vice president-finance, a newly created position. He was formerly executive vice president and chief financial and planning officer of G. D. Searle & Co.
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