Mack faces big challenges

John Mack, forced out of Morgan Stanley in a power struggle in 2001, faces even greater challenges upon return. He has to somehow fix the firm's underperforming retail brokerage and money management businesses (see item below),  he needs to repair bond trading profits, and he must somehow appease Dean Witter brokers. He will also need to appease the regulators. To listen to the pro-Mack campaign of late, he is the only guy capable of doing this. He seems to already have a plan. The thorniest issue is how to create a new board and basically fire the people who just hired you. Zoe Cruz and Stephen Crawford, two allies of Phil Purcell, have said they will resign from the board.

> Here's a New York Times article.