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Morgan Stanley Co-President Stephen S. Crawford has stepped down from the company, and Co-President Zoe Cruz has been named Acting President.

Morgan Stanley Chairman and CEO John J. Mack had this to say: "Steve has contributed to Morgan Stanley in a wide variety of roles during his nearly two decades with the Firm, including as a banker and in key strategy, finance and administrative positions."

"Most recently he stepped in and served as Co-President during a challenging time for the Firm," added Mack. "We wish him the best as he pursues other opportunities."

Crawford who joined the company in 1886 in corporate finance said that he was leaving Morgan Stanley to pursue other interests. He has served as CFO of the company as well as Chief Administrative and Risk Officer, and has been Co-president since March.

"The opportunity to work with the talented people of Morgan Stanley over the past nineteen years has been a great privilege," said Crawford. "I leave with deep respect for this Firm and wish everyone at Morgan Stanley continued success in the years to come."

"In spite of a challenging environment, Steve successfully led our efforts to create a world-class finance and risk organization," said Miles Marsh, the lead director of Morgan Stanley's Board. "In particular, the Board would like to thank Steve for his leadership as Co-President over the past several months. He has been singularly focused on what is best for the Firm. We wish Steve well with his future career."

Crawford was an ally of former CEO Philip Purcell. A few days ago, Morgan Stanley announced that Crawford was able to collect $32 million if he quit before August 3rd.

Chris is a staff writer for WebProNews. Visit WebProNews for the latest ebusiness news.