Klaus Kleinfeld to Exit Morgan Stanley
Klaus Kleinfeld, the ousted chief executive of Arconic Inc. who left the aluminum-parts maker this week after a sending a bizarre letter to an activist shareholder, will step off the board of Morgan Stanley.
Mr. Kleinfeld, who has been a director since 2012, has resigned from the board and won't stand for re-election at Morgan Stanley's annual meeting next month, the firm said in a regulatory filing.
German-born Mr. Kleinfeld left Arconic this week following a monthslong fight with activist hedge fund Elliott Management Corp., which had called for his ouster. Mr. Kleinfeld sent Elliott boss Paul Singer a letter that referenced Mr. Singer's alleged partying during the 2006 World Cup, a letter the Arconic board didn't approve and that the company said showed poor judgment.
Mr. Kleinfeld is also on the board of Hewlett Packard Enterprise Co., the software business spun out of Hewlett-Packard Co.
Morgan Stanley's board includes big names in finance and politics, including Democratic politico Erskine Bowles and Alistair Darling, the U.K. Chancellor of the Exchequer during the financial crisis.
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(END) Dow Jones Newswires
April 21, 2017 17:03 ET (21:03 GMT)