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Philip J. Purcell
Philip J. Purcell (born September 5, 1943) is an American businessman. Purcell is a former chairman and CEO of Morgan Stanley, where he worked in the late 1990s and 2000s. He was previously chairman and CEO of Dean Witter, Discover and managed the firm under its ownership by Sears, Roebuck & Co. He subsequently became head of Continental Investors, a private equity firm that invests in Internet-enabled financial services and consumer companies.
Phil Purcell was born and raised in Salt Lake City, Utah, where he graduated from Judge Memorial Catholic High School. During the school year, he worked selling magazine subscriptions and pressing clothes at a drycleaner; during summers he worked road construction and at the national parks in southern Utah. He was a center on the basketball team and starting tackle on the state championship football team.
Purcell won a scholarship to the College of the Holy Cross in Worcester, Massachusetts. After his freshman year, he transferred to the University of Notre Dame in Notre Dame, Indiana, where he earned a Bachelor of Business Administration. He won fellowships to the University of Chicago's Booth School of Business, then to the London School of Economics. In October 2006, Purcell contributed $12.5 million for the renovation of Notre Dame’s basketball arena, which was renamed "Purcell Pavilion" in his honor.
Purcell has been a significant figure in the financial services industry for over 30 years. He was the main architect of Dean Witter's acquisition of Morgan Stanley in 1997, and was Chairman and CEO of the merged firm (known as Morgan Stanley) from 1997-2005. During that period, the market cap of Morgan Stanley increased from $23 billion to $64 billion. He was previously chairman and CEO of Dean Witter, Discover & Co, from 1986 to 1997. After leaving Morgan Stanley, Purcell formed Continental Investors LLC, a private equity firm. Purcell has also been on the executive board and as vice-chairman of the New York Stock Exchange. He was one of the founding members of the Financial Services Forum and was chairman during its first three years.
Purcell began his business career in 1967 at McKinsey & Co., an international management consulting firm, traveling and working with clients throughout the United States, Europe, and Asia. When he left McKinsey to join Sears in 1978, he was Managing Director of the Chicago office—the youngest head of a major office in the firm's history.
At Sears, Purcell became Senior Vice President for Corporate Administration and Planning, reporting directly to the CEO. In addition to long-range planning, his duties included exploring acquisitions and divestitures for the company. He played a leading role in Sears's acquisition of Dean Witter Reynolds on December 31, 1981, and became President in 1982 and Chairman and CEO in 1986. In 1993, Purcell led the spin-off from Sears and initial public offering of Dean Witter Discover. Shareholders buying the IPO made 20% per year, or 9 times their original investment by March 2005.
At Dean Witter, Purcell saw the potential of the asset management business well ahead of other firms.[citation needed] The approximately $11 billion in money and mutual fund assets at Dean Witter in 1982 grew to more than $100 billion by 1997 and to about $400 billion by 2004. He started the Discover Card from scratch in 1986; by 2006 it had grown to more than 50 million accounts and $1.5 billion in pre-tax income.
For a while, the Dean-Witter/Morgan Stanley merger seemed to be a winner. The firm's profits and ROE soared and the stock price reached 109 on Sept. 11, 2001. But the early promise of the one-stop-shop model faded as integrating the two firms became problematic and returns began to suffer. By 2004, Purcell himself was acknowledging that, "returns had sunk to the middle of the pack."
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Philip J. Purcell
Philip J. Purcell (born September 5, 1943) is an American businessman. Purcell is a former chairman and CEO of Morgan Stanley, where he worked in the late 1990s and 2000s. He was previously chairman and CEO of Dean Witter, Discover and managed the firm under its ownership by Sears, Roebuck & Co. He subsequently became head of Continental Investors, a private equity firm that invests in Internet-enabled financial services and consumer companies.
Phil Purcell was born and raised in Salt Lake City, Utah, where he graduated from Judge Memorial Catholic High School. During the school year, he worked selling magazine subscriptions and pressing clothes at a drycleaner; during summers he worked road construction and at the national parks in southern Utah. He was a center on the basketball team and starting tackle on the state championship football team.
Purcell won a scholarship to the College of the Holy Cross in Worcester, Massachusetts. After his freshman year, he transferred to the University of Notre Dame in Notre Dame, Indiana, where he earned a Bachelor of Business Administration. He won fellowships to the University of Chicago's Booth School of Business, then to the London School of Economics. In October 2006, Purcell contributed $12.5 million for the renovation of Notre Dame’s basketball arena, which was renamed "Purcell Pavilion" in his honor.
Purcell has been a significant figure in the financial services industry for over 30 years. He was the main architect of Dean Witter's acquisition of Morgan Stanley in 1997, and was Chairman and CEO of the merged firm (known as Morgan Stanley) from 1997-2005. During that period, the market cap of Morgan Stanley increased from $23 billion to $64 billion. He was previously chairman and CEO of Dean Witter, Discover & Co, from 1986 to 1997. After leaving Morgan Stanley, Purcell formed Continental Investors LLC, a private equity firm. Purcell has also been on the executive board and as vice-chairman of the New York Stock Exchange. He was one of the founding members of the Financial Services Forum and was chairman during its first three years.
Purcell began his business career in 1967 at McKinsey & Co., an international management consulting firm, traveling and working with clients throughout the United States, Europe, and Asia. When he left McKinsey to join Sears in 1978, he was Managing Director of the Chicago office—the youngest head of a major office in the firm's history.
At Sears, Purcell became Senior Vice President for Corporate Administration and Planning, reporting directly to the CEO. In addition to long-range planning, his duties included exploring acquisitions and divestitures for the company. He played a leading role in Sears's acquisition of Dean Witter Reynolds on December 31, 1981, and became President in 1982 and Chairman and CEO in 1986. In 1993, Purcell led the spin-off from Sears and initial public offering of Dean Witter Discover. Shareholders buying the IPO made 20% per year, or 9 times their original investment by March 2005.
At Dean Witter, Purcell saw the potential of the asset management business well ahead of other firms.[citation needed] The approximately $11 billion in money and mutual fund assets at Dean Witter in 1982 grew to more than $100 billion by 1997 and to about $400 billion by 2004. He started the Discover Card from scratch in 1986; by 2006 it had grown to more than 50 million accounts and $1.5 billion in pre-tax income.
For a while, the Dean-Witter/Morgan Stanley merger seemed to be a winner. The firm's profits and ROE soared and the stock price reached 109 on Sept. 11, 2001. But the early promise of the one-stop-shop model faded as integrating the two firms became problematic and returns began to suffer. By 2004, Purcell himself was acknowledging that, "returns had sunk to the middle of the pack."