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July 12, 2005
Severance packages worthy of a king at Morgan Stanley
Just when the size and richness of Philip Purcell's $113.7 million severance package was starting to sink in comes word that Stephen Crawford, who served as co-president of Morgan Stanley for a paltry three months, is taking home $32 million in compensation after stepping down from the board. As might be imagined, the arrangement with Morgan Stanley's board is already raising the eyebrows of compensation experts: "CEO's get hired and fired every day, but their lieutenants don't get multimillion-dollar packages to walk away. You have to scratch your head and ask, what was the board doing?"
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