Morgan Stanley board poised for reorganization?

Major changes could be coming to the controversial Morgan Stanley board. The resignation of Michael Miles, who had strong ties to ex-CEO Phil Purcell, is a strong indication that a new board is in the making. According to The New York Times, Edward Brennan, the former chief of Sears and a Purcell supporter, will not stand for re-election next year because he will have exceeded the board's age limit. CEO John Mack has already welcomed three new directors.

> Here's the New York Times article.