Oracle's Phillips to Leave Morgan Stanley's Board After Billboard Incident
Morgan Stanley director Charles Phillips, the Oracle Corp. co-president who admitted to an affair after being displayed with an ex-girlfriend on New York billboards, won't seek re-election to the bank's board, a regulatory filing showed.
Phillips, who became a Morgan Stanley director in 2006, was on the nominating and governance committee, according to an April 1 filing with the U.S. Securities and Exchange Commission. He received $335,000 in 2009 for his services and held 27,160 Morgan Stanley shares as of Dec. 31.
After billboards showing "Charles & YaVaughnie" appeared in Times Square, the Oracle executive said in January that he had an 8 1/2-year affair, which had since ended. They advertised a Web site, "charlesphillipsandyavaughniewilkins.com," showing photos and videos from 2001 until the middle of last year.
Phillips is also on the boards of Oracle and Viacom Inc. and is a member of President Barack Obama's Economic Recovery Advisory Board, a panel of outside advisers brought together to come up with solutions to the economic crisis.
Phillips worked at Morgan Stanley from 1994 to 2003 and covered Oracle as a software analyst before the company hired him as an executive vice president.
C. Robert Kidder, who has been on Morgan Stanley's board since 1993, will replace Phillips on the nominating and governance committee if he is re-elected, according to the filing.
Morgan Stanley spokeswoman Jeanmarie McFadden declined to comment. Phillips didn't return a call for comment.
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