Morgan Stanley (NYSE: MS) announced today that its Board of Directors has nominated Donald T. Nicolaisen and Hutham S. Olayan to serve as members of the Company's Board of Directors. Mr. Nicolaisen, a former Chief Accountant for the Securities and Exchange Commission, and Ms. Olayan, who leads The Olayan Group's activities in the Americas, will bring the number of independent directors on the Board to nine and the total number of Morgan Stanley directors to 11. Shareholders will vote on their election at Morgan Stanley's Annual Shareholders Meeting in April 2006.
John J. Mack, Chairman and Chief Executive Officer of Morgan Stanley, said, "Don Nicolaisen and Hutham Olayan will bring broad experience in areas that are critical to the continued success of the Firm, as well as unique insights into finance and the financial services industry in the U.S. and globally. The nomination of these two candidates, as well as the election of four other outstanding non-employee directors over the past six months, underscores our commitment to ensuring that the Firm benefits from the broadest perspective and best possible advice and oversight from our Board of Directors."
Laura D'Andrea Tyson, Chair of the Board's Nominating and Governance Committee, said, "Don will offer the Board a valuable perspective based on his more than 30 years in private accounting practice and his role guiding the SEC's application of new accounting and governance legislation. Hutham leads an organization that manages a diversified portfolio of U.S. public and private equities and real estate, and she will bring to the Board outstanding financial and business skills and an international perspective, including special understanding of the Middle East and keen insight into this critical region of the world."
Mr. Nicolaisen, 61, served as SEC Chief Accountant from September 2003 to November 2005, acting as the principal advisor to the Commission on accounting and auditing matters. Prior to joining the SEC, he was a senior partner at PricewaterhouseCoopers. He began his career at the firm's predecessor, Price Waterhouse, in 1967, and held a wide range of management and leadership positions, including serving on the firm's U.S. and global boards and leading Price Waterhouse's national office for accounting and SEC services. Mr. Nicolaisen has been a Certified Public Accountant since 1969. He currently serves on the Board of Directors of Verizon Communications and has been nominated for election to the Board of Directors of Zurich Financial Services.
Ms. Olayan, 52, is President, Chief Executive Officer and a director of Olayan America Corporation, the New York-based arm of The Olayan Group, and has headed that firm for more than 20 years. She is also a director of The Olayan Group, a private, multinational enterprise with diversified businesses and investments in Saudi Arabia and the Middle East and major financial investments internationally. Ms. Olayan has been a trustee of the American University of Beirut, her alma mater, since 1993. She is a founding member of the Arab Bankers Association of North America, a trustee of The Conference Board and a board member of the Institute for International Economics.
Morgan Stanley is a global financial services firm and a market leader in securities, investment management and credit services. With more than 600 offices in 28 countries, Morgan Stanley connects people, ideas and capital to help clients achieve their financial aspirations.