Morgan Stanley

Stephen Crawford Steps Down As Co-President of Morgan Stanley; Zoe Cruz Named Acting President

Jul 11, 2005

New York —

Morgan Stanley (NYSE: MWD) today announced that Stephen S. Crawford has resigned as Co-President and will leave the company to pursue other interests. The company also announced that Co-President Zoe Cruz has been named Acting President.

John J. Mack, Morgan Stanley Chairman and Chief Executive Officer, said: "Steve has contributed to Morgan Stanley in a wide variety of roles during his nearly two decades with the Firm, including as a banker and in key strategy, finance and administrative positions. Most recently he stepped in and served as Co-President during a challenging time for the Firm. We wish him the best as he pursues other opportunities."

Miles Marsh, the lead director of the Board, said: "The Board has worked extensively with Steve over the past five years in his roles as Chief Financial Officer and Chief Administrative Officer. In spite of a challenging environment, Steve successfully led our efforts to create a world-class finance and risk organization. In particular, the Board would like to thank Steve for his leadership as Co-President over the past several months. He has been singularly focused on what is best for the Firm. We wish Steve well with his future career."

Mr. Crawford said: "The opportunity to work with the talented people of Morgan Stanley over the past nineteen years has been a great privilege. I leave with deep respect for this Firm and wish everyone at Morgan Stanley continued success in the years to come."

Mr. Crawford, who joined Morgan Stanley in 1986 in corporate finance, also has served as Chief Financial Officer and Chief Administrative and Risk Officer. He has been Co-President since March 2005.

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.