Zoe Cruz, who enjoys the soubriquet “cruise missile”, yesterday cemented her position in Morgan Stanley, the US investment bank, when its chief executive, John Mack, made her co-president alongside Robert Scully, a mergers and acquisitions specialist.
Ms Cruz, known for being direct and tough, is one of only a few women to have reached the top in Wall Street. Becoming co-president is testament to the staying power of an excutive who is ranked No 19 in Fortune magazine’s list of America’s 50 most powerful women. Ms Cruz, aged 50, is just 13 places behind Oprah Winfrey, the American talk show veteran.
Ms Cruz, who started at Morgan Stanley 25 years ago, rose through the ranks on the fixed-income side. Known for her outspokenness and her ability to set goals and move unswervingly towards a target, she is described as “methodical, opinionated and having a backbone”.
Her retention of what is effectively the number two position in one of Wall Street’s most prominent firms is all the more remarkable when considered against the management turmoil that engulfed it last year.
She was one of two bankers promoted by Philip Purcell, Mr Mack’s predecessor. Mr Purcell was trying to fight off a shareholder revolt over investment returns.
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He failed to quell the rebellion and was ousted, to be replaced by Mr Mack. Luckily for Ms Cruz, despite her affinity with Mr Purcell, the new chief executive decided to ratify her position. She is now in pole position to run the entire firm.