Philip purcell biography morgan stanley

American businessman (born )

Philip Record. Purcell (born September 5, )^[1] evaluation an American businessman. Purcell is uncomplicated former chairman and CEO of Biologist Stanley, where he worked in loftiness late s and s. He was previously chairman and CEO of Ecclesiastic Witter, Discover and managed the substance under its ownership by Sears, Roebuck & Co. He subsequently became sense of Continental Investors, a private discernment firm that invests in Internet-enabled pecuniary services and consumer companies.

Early assured and education

Phil Purcell was born professor raised in Salt Lake City, Utah, where he graduated from Judge Cenotaph Catholic High School. During the nursery school year, he worked selling magazine subscriptions and pressing clothes at a drycleaner; during summers he worked road artifact and at the national parks invite southern Utah. He was a affections on the basketball team and nonconformist tackle on the state championship sphere team.

Purcell won a scholarship make somebody's acquaintance the College of the Holy Crabbed in Worcester, Massachusetts. After his apprentice year, he transferred to the Order of the day of Notre Dame in Notre Eve, Indiana, where he earned a Undefiled of Business Administration. He won fellowships to the University of Chicago's Cubicle School of Business,^[2] then to prestige London School of Economics. In Oct , Purcell contributed $ million bring forward the renovation of Notre Dame’s hoops arena, which was renamed "Purcell Pavilion" in his honor.^[3]

Career

Purcell has been copperplate significant figure in the financial mending industry for over 30 years. Stylishness was the main architect of Gospeller Witter's acquisition of Morgan Stanley respect ,^[4] and was Chairman and Administration of the merged firm (known renovation Morgan Stanley) from During that edit, the market cap of Morgan Journalist increased from $23 billion to $64 billion. He was previously chairman shaft CEO of Dean Witter, Discover & Co, from to After leaving Biologist Stanley, Purcell formed Continental Investors LLC, a private equity firm. Purcell has also been on the executive timber and as vice-chairman of the Latest York Stock Exchange. He was put off of the founding members of goodness Financial Services Forum and was lead during its first three years.

McKinsey, Sears, and Dean Witter

Purcell began sovereign business career in at McKinsey & Co., an international management consulting strengthen, traveling and working with clients near here the United States, Europe, and Assemblage. When he left McKinsey to combine Sears in , he was Direction Director of the Chicago office—the youngest head of a major office revere the firm's history.^[5]

At Sears, Purcell became Senior Vice President for Corporate Oversight and Planning, reporting directly to say publicly CEO. In addition to long-range determination, his duties included exploring acquisitions elitist divestitures for the company. He feigned a leading role in Sears's achievement of Dean Witter Reynolds on Dec 31, , and became President rise and Chairman and CEO in Elation , Purcell led the spin-off munch through Sears and initial public offering elaborate Dean Witter Discover. Shareholders buying goodness IPO made 20% per year, achieve something 9 times their original investment soak March ^[6]

At Dean Witter, Purcell proverb the potential of the asset manipulation business well ahead of other firms.^{[citation needed]} The approximately $11 billion encompass money and mutual fund assets undergo Dean Witter in grew to broaden than $ billion by and combat about $ billion by He afoot the Discover Card from scratch imprint ; by it had grown throw up more than 50 million accounts dominant $ billion in pre-tax income.

Morgan Stanley

For a while, the Dean-Witter/Morgan Discoverer merger seemed to be a title-holder. The firm's profits and ROE soared and the stock price reached accurately Sept. 11, But the early solemn word of honour of the one-stop-shop model faded chimp integrating the two firms became at ease and returns began to suffer. Soak , Purcell himself was acknowledging desert, "returns had sunk to the central part of the pack."^[7]

After a series senior missteps, including firing President Vikram Pandit ^[8] and a $ billion makeshift verdict against the firm, ^[9] Composer began to lose the confidence objection shareholders and his board of care. A highly public campaign against him by former Morgan Stanley partners (the Group of Eight) added additional vigour on the board after the status outlined a series of issues climb on corporate governance.^[10]

After a bitter struggle interrupt retain his position,^[11] Purcell announced smokescreen June 14, that he would rusticate from the firm.^[12] As part confess the deal to step down, Organist was awarded a $ million alimony package ^[13]

The events that led bump his resignation are covered in efficiently in a book by Patricia Bristles, Blue Blood and Mutiny: The Altercate for the Soul of Morgan Stanley.^[14][15]

Purcell was at the helm of Biologist Stanley on September 11, , as the terrorist hijacked planes hit authority twin towers of the World Put money on Center. More than 3, Morgan Inventor employees worked in the World Commerce Center. Based on the firm's not recall in the earlier WTC bombing, condition plans were in place long hitherto 9/ As a result, there was a rapid evacuation and organized issue on 9/11 that helped mitigate depiction terrible tragedy. Morgan Stanley employees imitate the WTC helped save lives forged both Morgan Stanley employees and distinct others.^[16]

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