The Board of Directors of Morgan Stanley (NYSE: MWD) today announced that Stephen Crawford and Zoe Cruz have resigned from their positions on the Board. They continue to serve as Co-Presidents of the company.
Miles Marsh, the lead director of the Board, said, "Steve and Zoe joined the rest of the Board today in unanimously electing John Mack as Chairman and Chief Executive Officer. They voluntarily stepped down as Directors to allow the Chairman and the Board greater flexibility in shaping the Board's composition. We are fortunate to have Steve and Zoe as valuable members of our senior management team and we appreciate their actions on behalf of the company."
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