CEO of Morgan Stanley to step down. From: Newsday (Melville, NY) | Date: June 14, 2005 | COPYRIGHT 2005 Newsday. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group.Copyright information

Byline: Susan Harrigan

Jun. 14--One of the most riveting dramas on Wall Street took a dramatic turn yesterday as Philip Purcell, the chairman and chief executive of Morgan Stanley, said he would step down following a two-month struggle with shareholders and a group of dissident former executives over his strategy for the company.

The development followed an exodus of some of the firm's high-profile employees, and set off conjecture that Morgan Stanley, the nation's second-largest securities firm, might be sold.

Purcell's announcement that he will retire as soon as a ...

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