News

After months of fighting for Morgan Stanley CEO Philip Purcell’s resignation, the so-called Group of Eight dissident shareholders finally got what they wanted: Purcell announced Monday morning that he was stepping down once a successor could be named, but, in any event, no later than the firm’s next annual meeting in March 2006. The company also announced that earnings would fall short of expectations, coming in 15 percent to 20 percent below the year-ago numbers of $1.10 per diluted share. Weak market conditions compared to the prior period was blamed.

byKristen French