May 11, 2005 |
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.
July 8, 2005 |
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.
March 30, 2005 |
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.
March 31, 2005 |
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.
April 6, 2005 |
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.
May 2, 2003 |
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.