Zoe Cruz
Encyclopedia
Zoe Cruz is a Greek
-born American
senior banking executive and former co-president of Morgan Stanley
. In 2006, she was on the list of Forbes' 100 Most Powerful Women of the World and ranked the #10 spot. She was known as the highest paid and most powerful woman on Wall Street
.
. At the age of 14, Zoe and her parents moved to Massachusetts
, United States
. She graduated from Radcliffe College
at Harvard University
cum laude with a B.A.
in Romance Languages & Literatures in 1977 and earned an MBA from Harvard Business School
in 1982.
Cruz was a long time supporter of former CEO, Phil Purcell. She became an integral part of the leadership controversy at Morgan Stanley on March 29, 2005, when Purcell replaced then President Stephan Newhouse. Zoe Cruz and Stephen S. Crawford were named Co-Presidents. This controversial move led to a full-page advertisement in the Wall Street Journal on March 31, 2005. The advertisement featured opposition to the company leadership by a group of dissidents known as the “Group of Eight”. Several distinguished executives later left the firm amid speculation that they disagreed with the new management structure.
Phil Purcell announced his retirement on June 13, 2005, and John J. Mack
was named successor. On July 11, 2005, Stephen S. Crawford resigned his position of Co-President “to pursue other interests”. Cruz was subsequently appointed acting president. Her lengthy position as acting president led to much speculation about the future direction of the company. This appointment may silence rumors that the position was left open as a potential merger negotiation item.
On November 29, 2007, Morgan Stanley announced that Zoe Cruz was resigning as co-president of the firm and that she would retire immediately. She was replaced by co-presidents Walid Chammah and James Gorman.
On October 9, 2009, the New York Times reported that Zoe Cruz was possibly starting her own hedge fund named Vorás Capital Management, which is expected to focus on distressed assets and macroeconomic bets on currencies and securities
Greece
Greece , officially the Hellenic Republic , and historically Hellas or the Republic of Greece in English, is a country in southeastern Europe....
-born American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
senior banking executive and former co-president of Morgan Stanley
Morgan Stanley
Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....
. In 2006, she was on the list of Forbes' 100 Most Powerful Women of the World and ranked the #10 spot. She was known as the highest paid and most powerful woman on Wall Street
Wall Street
Wall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. Over time, the term has become a metonym for the financial markets of the United States as a whole, or...
.
Early life
Cruz was born Zoe Papadimitriou in GreeceGreece
Greece , officially the Hellenic Republic , and historically Hellas or the Republic of Greece in English, is a country in southeastern Europe....
. At the age of 14, Zoe and her parents moved to Massachusetts
Massachusetts
The Commonwealth of Massachusetts is a state in the New England region of the northeastern United States of America. It is bordered by Rhode Island and Connecticut to the south, New York to the west, and Vermont and New Hampshire to the north; at its east lies the Atlantic Ocean. As of the 2010...
, United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. She graduated from Radcliffe College
Radcliffe College
Radcliffe College was a women's liberal arts college in Cambridge, Massachusetts, and was the coordinate college for Harvard University. It was also one of the Seven Sisters colleges. Radcliffe College conferred joint Harvard-Radcliffe diplomas beginning in 1963 and a formal merger agreement with...
at Harvard University
Harvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...
cum laude with a B.A.
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
in Romance Languages & Literatures in 1977 and earned an MBA from Harvard Business School
Harvard Business School
Harvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive...
in 1982.
Career
In 1982, after graduating business school and having a baby boy, Cruz was recruited by Morgan Stanley and had a 25-year history with the firm. She become a Vice President in 1986, a Principal in 1988 and a Managing Director in 1990. From 2000 to 2005, she held the position of global Head of Fixed Income, Commodities and Foreign Exchange. She was appointed Co-President on February 9, 2006.Cruz was a long time supporter of former CEO, Phil Purcell. She became an integral part of the leadership controversy at Morgan Stanley on March 29, 2005, when Purcell replaced then President Stephan Newhouse. Zoe Cruz and Stephen S. Crawford were named Co-Presidents. This controversial move led to a full-page advertisement in the Wall Street Journal on March 31, 2005. The advertisement featured opposition to the company leadership by a group of dissidents known as the “Group of Eight”. Several distinguished executives later left the firm amid speculation that they disagreed with the new management structure.
Phil Purcell announced his retirement on June 13, 2005, and John J. Mack
John J. Mack
John J. Mack is the current Chairman of the Board at Morgan Stanley, the New York-based investment bank and brokerage firm. Mack announced his retirement as Chief Executive Officer on September 10, 2009, which was effective January 1, 2010. Former Co-President James P...
was named successor. On July 11, 2005, Stephen S. Crawford resigned his position of Co-President “to pursue other interests”. Cruz was subsequently appointed acting president. Her lengthy position as acting president led to much speculation about the future direction of the company. This appointment may silence rumors that the position was left open as a potential merger negotiation item.
On November 29, 2007, Morgan Stanley announced that Zoe Cruz was resigning as co-president of the firm and that she would retire immediately. She was replaced by co-presidents Walid Chammah and James Gorman.
On October 9, 2009, the New York Times reported that Zoe Cruz was possibly starting her own hedge fund named Vorás Capital Management, which is expected to focus on distressed assets and macroeconomic bets on currencies and securities