Reviews the latest management developments across the globe and pinpoints practical implications from cutting‐edge research and case studies.
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A change is supposedly as good as a rest. Indeed, when the change in question occurs at the top, it has the potential to turn out even better. Such thoughts will undoubtedly been uppermost in the minds of investors when John Mack returned to Morgan Stanley to replace Phillip Purcell as CEO in summer 2005. Until his departure four years earlier, Mack had been part of the company furniture for almost three decades after joining as a humble bond salesman and rising to president by 1993. However, it wasn't just sentiment that prompted Mack's return. Purcell's reign ended acrimoniously after an era characterized by indecision, in‐fighting and a marked reluctance to take risks. The outcome? Morgan Stanley missed out on a wealth of opportunities in a variety of fields and was left trailing even further behind big rival Goldman Sachs.
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