Two prominent Indian-American executives, Vikram Pandit and Guru Ramakrishnan, are among the insiders who revolted against the current leadership of Morgan Stanley, a prominent Wall Street investment firm, by stepping down from their posts.
According to media reports, the revolt had been brewing for nearly a week, seeking the ouster or resignation of Morgan Stanley`s Chief Executive Philip Purcell and his new co-presidents Zoe Cruz and Stephen Crawford.
The departure of Pandit, who was in line to be the Chief Executive of Morgan Stanley until his revolt, along with John Havens, the head of the institution`s equities division, was dramatic. Pandit, one of the two top institutional securities executives, walked off the firm`s trading floor in the New York Stock Exchange on Tuesday to prolonged applause from staff and resigned.
The departure of Ramakrishnan, a top stock trader of the firm, was less dramatic but also significant.
The resignations of the well-known NRI executives came in the wake of a full-page advertisement in “The Wall Street Journal” against the Morgan leadership by eight prominent officers of the company.
more snippets...
We appreciate your feedback, please write to us by using our contact form
