Whether or not they actually believe or practice it, almost all boards of directors specify the kind of person they are looking for when seeking a new CEO; no one is automatically ruled out. Morgan Stanley is different. They’ve specified who will not be considered: just about anybody who disagreed with Purcell, the current CEO. You wonder where there brains are.
Purcell will not be suffering as he leaves with at least $63,000,000. Not bad, but a trifle compared to the $1.45 billion the firm owes Perelman, largely for Purcell’s arrogance.
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