More Board Turnover at Beleaguered Morgan Stanley

Despite a stronger-than-expected fourth quarter and a big paycheck for the top dog, the mass exodus continues at Morgan Stanley, with another three board directors stepping down. The list: Miles Marsh, the lead outside director; Edward Brennan, the former chief executive of Sears, Roebuck & Co.; and John Madigan, former chief executive of Tribune Co. The departures are no big surprise: All three had served under former CEO Phil Purcell. Now only four Purcell-era directors remain from the group of 10 outside directors elected at the annual meeting in March. They are Laura D’Andrea Tyson, dean of the London Business School; Sir Howard Davies, a former top securities regulator in Britain; Robert Kidder, former chief executive officer of Borden Chemical Inc.; and Klaus Zumwinkel, chairman of the management board of Deutsche Post AG.
MS Loses 3 Directors in Latest Exodus [Wall Street Journal]

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