Musgrave
Overview Investment banking services such as advising, securities underwriting (See 2004 Annual Report (pdf)). History: mergers, acquisitions, and divestitures The legacy Morgan Stanley was founded in New York on September 5, 1935, by Henry S. Morgan, and Harold Stanley of J. P. Morgan & Co. along with others from Drexel & Co. This split of the commercial and investment banks came as a result of the Glass-Steagall Act. Within its first year it achieved 24% of market share among public offerings. In 1964 Morgan Stanley creates the first computer model for financial analysis. By 1971 the Mergers & Acquisitions business was established along with Sales & Trading. In 1986 Morgan Stanley Group, Inc. becomes publicly listed. In 1996, Morgan Stanley acquired Van Kampen American Capital (website), a respected mutual fund company. On February 5, 1997, the company was merged into Dean Witter, Discover & Co. (a.k.a. Dean Witter Reynolds) the spun-off financial services business of Sears Roebuck. The merged company was briefly known as "Morgan Stanley Dean Witter Discover & Co." until 1998 when it was known as "Morgan Stanley Dean Witter & Co." until late 2001. To foster brand recognition and marketing the Dean Witter name was unofficially dropped and the firm became "Morgan Stanley".
Organization Institutional Securities Diversity and culture Quick facts External links for this section: "Visionaries honored with Red Hat Summit Awards" Legal proceedings On July 12, 2004, Morgan Stanley settled a sex discrimination suit brought by the Equal Employment Opportunity Commission for $54 million. On January 12, 2005, The New York Stock Exchange imposed a $19 million fine on Morgan Stanley for alleged regulatory and supervisory lapses. On May 16, 2005, A Florida jury found that Morgan Stanley did in fact fail to give adequate information to Ronald Perelman about Sunbeam thereby defrauding him and causing damages to him of $604 million. To that $604 million was added punitive damages by the jury for a total of compensatory and punitive damages of $1.450 billion. This case was seen as a significant mishandling on the firm's part, particularly by the 'dissidents' (see Disputes section below), who claim it as further evidence of Purcell's poor management. Morgan Stanley has stated the decision will be appealed and is confident the decision will be overturned. Morgan Stanley asserts many rulings in the trial were "unprecedented and highly prejudicial" (from a statement, see links below). It should be noted that Morgan Stanley lost an estimated $300 million on the Sunbeam collapse, calling into serious question any alleged motive on the firm's part. From a business ethics perspective, it is also questionable whether Morgan Stanley, in its analyst capacity, was responsible for or even capable of ensuring the accuracy of Sunbeam financial data, which is generally considered the responsibility of internal and external accounting faculties. External links for this section: A Jury Assesses Morgan Stanley $604 Million (registration required) Recent disputes (2005) The dispute, which the eight former executives claim represents a groundswell within the company, concerns Phil Purcell's alleged neglect for Morgan Stanley's traditional and most profitable institutionally ingrained business, investment banking. Key to the firm's future was Joe Perella, the head of investment banking and former head of M&A at CSFB (Credit Suisse First Boston). (Perella joined Bruce Wasserstein to form the former "Wasserstein Perella" (aka "Wasserella") specialist firm dealing mainly in mergers and later sold to Dresdner Bank). Perella left Wasserella to join Morgan Stanley and managed the Investment Banking Division at Morgan Stanley for a time. It was announced on April 13, 2005 that Perella was also leaving Morgan Stanley. At that time, Purcell retained support of the Morgan Stanley board, which some say he "packed". On May 12, 2005, dissidents announced a plan to split up Morgan Stanley into two firms: one retail (as former Dean Witter) and one institutional firm (as former Morgan Stanley), saying Purcell's plans to merge these two entities has not worked over the past eight years. (See New York Times article, May 13, 2005.) Purcell had announced plans to spin off the Discover Card division, a heavy earner for Morgan Stanley, as steadily hiking fees have increased profits while the number of card holders has remained the same. However, his successor (see below) announced that the division would be kept with the firm. Former CEO Purcell announced on June 13, 2005 that he will retire as CEO when a successor is found, but no later than March of 2006. As of June 30, 2005 he was officially succeeded by John Mack in both capacities. Debate continues over Purcell's strategy of keeping the firm as a "financial supermarket" to all investors (both retail and institutional). The focus of Morgan Stanley has historically been on institutional clients. Zoe Cruz, former co-President and President as of July 11, 2005, was under consideration to take Purcell's place. A past head of fixed income, she has over 20 years of Wall street experience, but is relatively unknown outside of Morgan Stanley. Former President John Mack was chosen to succeed Purcell and his appointment was made official by the board of directors on June 30, 2005. It has been speculated that he will seek the return of some departed colleagues, potentially including Vikram Pandit and Perella, but the validity of such speculation remains to be seen. The current position of the eight dissident shareholders is not clear and can be assumed to be ambivalent. Part of the ironic background of the dispute was a rift, long pre-dating the merger, between John Mack and the members of the dissident group when they were all working at the firm, which resulted in Mack's ascendancy at the expense of that of the eight dissidents. Mack announced he does not want the $25 million per year guaranteed him in his rehiring, preferring instead to be paid based on performance. What performance is meant is unclear since the main performance Morgan Stanley needs from its CEO (now Mack) is future strategy he never provided when CEO in the past. Purcell's exit package, in excess of $113 million, has caused some talk of a proxy battle, especially when seen in the context of several other senior executives' contracts which have recently come to light in the press. Another former executive and Purcell loyalist received a golden parachute of $32 million, which was criticized by analysts as a waste of shareholders' money to "buy off" the former executive. External links for this section: Morgan Stanley CEO surrenders Musgrave is a major Irish food retailer, founded in 1878. It operates the Centra convience store, SuperValu supermarket and Musgrave Wholesale chains throughout Ireland. These chains are the market leaders in their respective fields. Musgrave's stronghold is in the province of Munster where it was founded. Musgrave is the largest private company in Ireland and has expanded by acquisition. As of 2005 it owns the rights to the Londis franchises in the United Kingdom, as well as the Budgens chain in that country, as well as the Spanish wholesalers and franchise owners, Dialsur. Musgrave ruth
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