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Wednesday April 06, 09:27
Morgan Stanley’s alumni promote new steps to oust Purcell
(by Brigitta Zulfitzler)

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Morgan Stanley’s alumni promote new steps to oust Purcell The battle around Morgan Stanley became much more acute as the Group of Eight slated former President Robert G. Scott to replace the current Chief Executive Philip Purcell.

Morgan Stanley reflected the intention of its board yesterday, stating that it "is well acquainted with Mr. Scott and his record while running our Individual Investor and Discover Card businesses," and that the directors insist on their support for Mr. Purcell.

Yesterday, Mr. Scott was given the word on CNBC-TV to defend his unsatisfactory performance and point at a wrongdoing management policy of Mr. Purcell.

The alumni said they offered Mr. Scott to run the business and revealed some points of their promotion plan with regard to issues on institutional investors, as the alumni are in great need of their support in order to fire out Mr. Purcell.

The alumni group plans a presentation for 6 p.m. today for investors at the offices of a securities firm Sanford C. Bernstein & Co.. More than 120 institutional investors have expressed their willingness to attend.

Morgan Stanley’s stock price fell $1.85, or 3.2%, to $56.45 in 4 p.m. in New York yesterday. The drop of the stock was partially caused by the firm’s announcement late Monday concerning its plan to carry out a possible reissue of its Discover credit-card unit by distributing Discover shares to Morgan Stanley holders.
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