Morgan Stanley elects Zumwinkel to Board of Directors

Morgan Stanley (NYSE: MWD) announced today that Dr. Klaus Zumwinkel, chairman of the board of management of Deutsche Post AG, has been elected to its board of directors. Sir Howard Davies, until last year the chairman and chief executive of the United Kingdom’s Financial Services Authority, has been nominated for election to the board at the 2004 annual stockholders meeting in April.
Dr. Zumwinkel has headed Deutsche Post AG since 1990. Deutsche Post is a $49 billion ( EUR39 billion ) global corporation headquartered and listed in Germany, with diversified operations including postal mail, express mail, logistics and financial services.
Sir Howard Davies currently serves as director of the London School of Economics and Political Science. He resigned as chairman of the FSA in September 2003.
Dr. Zumwinkel replaces Edward Brennan, who resigned from the Morgan Stanley board last year after he was named executive chairman of AMR Corp., parent company of American Airlines. Sir Howard will replace Robert Bauman, the former chief executive officer of Smith Kline Beecham. Mr. Bauman, who has reached Morgan Stanley’s mandatory retirement age for directors, will leave the board after the 2004 annual meeting.
“We are enormously pleased that Dr. Zumwinkel will serve on our board and that Sir Howard has agreed to stand for election,” said Michael A. Miles, chairman of the Nominating and Governance Committee of Morgan Stanley’s board of directors. “Both men are highly esteemed in their fields.
They are proven business leaders, each with the international perspective befitting a global financial services leader.”
“Dr. Zumwinkel is a strategist who puts ideas to work, growing successful global businesses. At Deutsche Post, and before that at Quelle, he has taken strong national franchises and made them into highly competitive global enterprises,” said Philip J. Purcell, Morgan Stanley chairman and chief executive officer. “Dr. Zumwinkel’s insights and experiences will be of tremendous value to our firm.”
“During Sir Howard’s tenure at the FSA, the regulator came to define global best practices in financial services oversight. His ‘public policy DNA’ will add an important new dimension to Morgan Stanley governance,” said Mr. Purcell. “Sir Howard’s insights will be particularly timely as our industry seeks to reestablish trust and redefine business practices with a client focus.”