Newhouse Leaves Morgan Stanley

Stephen Newhouse after being replaced as president of Morgan Stanley, has decided to resign from the company.

Newhouse who has been the company’s president since 2003 was replaced by Zoe Cruz and Stephen Crawford.

A MarketWatch article says:

“In the days following his replacement, speculation was rampant about whether Newhouse would remain and support Chief Executive Philip Purcell or leave and support a growing movement against Purcell.

Morgan Stanley said it offered a “senior” position that reported to Purcell, but Newhouse turned it down.”

“Steve Newhouse is a banker’s banker, a man of integrity, intellect and passionate commitment to his clients,” said Morgan Stanley. “We respect his decision.”

Some have criticized the promotions of Cruz and Crawford as rewards for loyalty to Chief Executive Philip Purcell.

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