S. Parker Gilbert, former chairman of Morgan Stanley, died in New York City Wednesday due to complications from chronic obstructive pulmonary disease.
The 81-year-old Gilbert, a stepson and a godson of Morgan Stanley’s founders, helped lead the firm’s public offering in 1986 and led a management overhaul 20 years later, the New York Times reports. Gilbert’s support of a public Morgan Stanley reshaped the firm, and eventually led to its merger with retail brokerage Dean Witter in 1997.
In 2005, the retired-Gilbert became embroiled in Morgan Stanley drama when Philip Purcell took control of the firm. From his Fifth Avenue apartment, Gilbert forced Purcell from power. Writes the New York Times:
“Parker was the heart and soul of Morgan Stanley,” said Anson M. Beard Jr., a childhood friend and colleague who was also a member of the group of eight retired Morgan Stanley bankers who led the fight against Mr. Purcell. “He was born into the firm, became C.E.O., retired and then brought about a change in leadership. He was the firm’s DNA.”
After his retirement from Morgan Stanley in 1989, Gilbert was active in the Morgan Library and Museum, as well as the Metropolitan Museum of Art. Gilbert continued to be a sounding board for and took active interest in Morgan Stanley’s employees, returning just a year ago to give a speech to the firm’s managing directors.
Photo: Jim Larrison via Flickr.