NEW YORK — Mitchell M. Merin, president and chief operating officer of Morgan Stanley Investment Management, insists he's staying put even though his longtime mentor, Philip J.Purcell, announced he's stepping down as chief executive officer of parent Morgan Stanley.
Still, Mr. Merin hinted that he could be hit with fallout from Mr. Purcell's departure.
"We all work at the pleasure of the CEO," Mr. Merin said in an interview, "And there will obviously be a new CEO, so we'll see what happens." He wouldn't speculate on whom that CEO would be.
Mr. Purcell announced earlier this month that he plans to retire by March 2006, amid growing pressure from shareholders.
"For me, personally, he's been an unbelievable influence. For almost 25 years, we worked very hard together and had significant achievements. I'm going to miss him," said Mr. Merin, the top investment management executive at Morgan Stanley, which had $416 billion under management as of May 31.