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摩根斯坦利再起风波 |
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| 摩根斯坦利再起风波 |
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作者：佚名 文章来源：不详 点击数： 更新时间：2006-12-21 17:00:08  |
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Morgan Stanley shakeup reverberates; More top people leave after president fired by embattled CEO Executives past and present form rival camps over strategy
There was more fallout from Morgan Stanley''s management shakeup yesterday when the investment bank''s global head of institutional equity trading resigned, joining a number of other high-ranking executives who have walked out.
A company spokeswoman confirmed the departure of Guru Ramakrishnan. His decision to leave came a day after the resignations of his boss, John Havens, head of the institutional equity division, and Vikram Pandit, president and chief operating officer of its institutional securities group.
The wave of exits follows chief executive Philip Purcell''s decision to replace president Stephan Newhouse with two co-presidents, Morgan Stanley veterans Stephen Crawford and Zoe Cruz.
Meanwhile, the firm''s former chairman and former president are calling for the ouster of Purcell himself, saying the shakeup he engineered was not in the best interest of the company.
Yesterday, Purcell said he has the backing needed to withstand a challenge from former executives who ran the firm before its 1997 takeover by Dean Witter, Discover & Co.
"The board came out unanimously in support of me as CEO," Purcell said in an interview in his personal conference room at Morgan Stanley''s headquarters in midtown Manhattan. "We have a deep talent pool in total and in terms of succession."
Perhaps to help reassure Wall Street, the company promoted one of its foremost investment bankers, Joseph Perella, to vice-chairman. He will report directly Purcell.
Perella is a highly regarded deal maker who focused on the firm''s most high-profile transactions. The details of his new role were not clear.
In a statement Tuesday, Morgan Stanley said Crawford and Cruz would help provide new oversight of the company''s institutional securities and investment management operations.
However, a group of former executives and major shareholders, led by former chairman Parker Gilbert and former president Robert Scott, warned that the restructuring could result in the loss of other executives.
The group released a letter, dated March 3, sent to the current Morgan Stanley board calling for Purcell''s departure.
The group blamed Purcell for the company''s lagging stock price and financial performance.
"We believe that the overriding cause of the firm''s poor performance is a failure of leadership by Philip Purcell as the firm''s CEO," the March 3 letter said.
Purcell came to Morgan Stanley, a firm that catered to elite clients, when it merged in 1997 with the more down-market Dean Witter. Purcell won the CEO''s job after the merger.
The Wall Street Journal said yesterday that Purcell was disappointed by the actions of the former Morgan Stanley executives.
"It is horrible governance for guys gone 10 years to do this and set themselves up as a new board of directors," he told the newspaper in an interview on Tuesday.
The firm''s shares rose $1.67 (U.S.) to $55.28 yesterday on the New York Stock Exchange. Morgan Stanley reported strong first-quarter growth, with profits up 20 per cent. Investors, however, have failed to push the shares much higher because of concerns that the company was too focused on fixed-income earnings and commodities with uncertain prospects. |
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