A lot of people regard the firing of Zoe Cruz from her job at Morgan Stanley as one of the earliest signals of the the great executive execution wave of 2007-08. Her boss, John Mack, was one of a the few survivors, apparently. But if the “Cruz as a leading indicator” view is right, we guess her potential comeback signals that Erin Callan, Stan O’Neal and Jimmy Cayne might all come back. We have to admit that we kind of miss that colourful cast of characters, even if shareholders did suffer terribly under their leadership.
Dan Freed at TheStreet.com reports:
Zoe Cruz, the Morgan Stanley co-president pushed out by the firm late last year, is eyeing a role at an asset management firm, or possibly raising money to start a hedge fund, according to a person familiar with her thinking.
Cruz would prefer to join an existing business, as she enjoyed being a high-level manager at a large prestigious firm, the person says. The Greek native was seen as a possible successor to CEO John Mack after spending her entire 25-year career at Morgan Stanley, starting as a foreign exchange trader, until her exile last year. She was shown the door following heavy losses in Morgan Stanley’s fixed income division, which she oversaw.
A spokeswoman for Cruz declined to comment.
Executives at Swiss bank UBS, which has made several key hires in recent weeks, considered offering Cruz a role there, but she was not interested, according to the person close to her. It was not clear what the role might have been, but no formal discussions took place, according to the person.