In the latest string of Morgan Stanley executives to resign, co-President Stephen Crawford has left the firm with a $32 million pay package.
Crawford, a protege of Chief Executive Philip Purcell, will be replaced by Zoe Cruz as acting president. This announcement comes just days after Morgan disclosed the terms of an agreement that entitled Crawford to the $32 million if he quit between July 4 and Aug. 3.
On March 28, Cruz and Crawford were named co-presidents and on April 4, the two were elected to the Board of Directors.
The investment bank last week disclosed that Purcell, who resigned June 13 under pressure from angry shareholders, will receive a severance package worth more than $113 million. The package includes a departing bonus of about $44 million negotiated last month. David Sidwell, the chief financial officer, would receive $10.5 million in each of the next two years if he remains with the firm until Oct. 15.