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Thursday April 07, 02:51
Group of Eight’s battle for Morgan Stanley serves as good medicine
(by Helen Snow)

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Leaders of the Group of Eight promised to investors Wednesday they  would increase profitability and rating of the company in case they  manage to oust Morgan Stanley Chairman and Chief Executive Philip  Purcell.

At the meeting with investors former Morgan Stanley President Robert  Scott made a presentation showing that Morgan Stanley’s stock was outrun by its most rivals in recent years, Dow Jones reported.

According to the report, the presentation caused controversial reaction on the facts of the company’s performance, some of the investors favor the alumni while another expect changes from Purcell and the board.

The executives have asked the company to replace Purcell with Scott.

The former President Robert G. Scott lobbied by the executives told the investors at the Wednesday meeting about the necessity of essential improvement for the retail brokerage unit of Dean Witter which would take about two years.

On Tuesday Scott stated that the reassign of former executives including Vikram Pandit, John Havens and Stephan Newhouse is a high-priority task for him.

The dramatic battle over Morgan Stanley made a positive influence on its stock. Its shares rose 15 cents yesterday to $56.60 in New York.
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Read the related news and articles:
18 May 2005 05:07 AM Perelman's suit against Morgan Stanley not over yet: focus on judge's ruling
10 May 2005 11:04 AM Purcell: UBS speech means nothing
03 May 2005 05:13 AM Morgan Stanley board disappoints investors opening way to prolonged fight
02 May 2005 04:33 AM Morgan Stanley board supports Purcell but makes it easier to oust him
26 Apr 2005 11:00 AM Three Jurors in Perelman Vs. Morgan Stanley case may be removed
 


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