Philip J. Purcell headed Sears' 1981 acquisition of Dean Witter, helping to create the Discover Card. After Morgan Stanley merged with Dean Witter Reynolds in 1997, Purcell replaced Morgan Stanley's John J. Mack as CEO. Amid increasing personal attacks regarding his alleged failure to manage the merger with Dean Witter Reynolds, Purcell announced on June 13, 2005 that he would retire as CEO and Chairman of the Board. He left with a severence package of US$43 million in addition to his annual salary of US$22 million, after running Morgan Stanley's stock into a 25% decline.
