by Patricia Sellers
Maybe it's a sign of recovery in the financial services industry: Wall Street's two most renowned women dropouts have settled on what to do next. Yesterday on Postcards, you read Sallie Krawcheck's bizarre tale of her bumpy road on the way to Bank of America (BAC). Today, news broke that former Morgan Stanley (MS) co-president Zoe Cruz is starting a hedge fund.
Cruz, who spent her entire career at Morgan Stanley (starting as a summer associate in 1981), got fired by CEO John Mack almost two years ago, taking the hit for the firm's huge trading losses. This morning, the Wall Street Journal reported that she has begun recruiting employees for her new firm, to be called Voras Capital Management. The name refers to a mountainous region near where Cruz grew up in Greece.
Famouly press-shy, Cruz declined to talk about her plans. In fact, she has not spoken publicly for many years--except for one interview that she did with me in September 2007, shortly before her ouster at Morgan Stanley. Cruz told me then that she never planned her career. "When you don't plan, things are easier," she said. She was interested in one thing, she explained: "Leading an organization to be No. 1."
Now hoping to launch her hedge fund with at least $200 million, Cruz is starting from scratch for the first time in her life. That name, Voras, suggests where she hopes her business will go: "Voras" is Greek for "north."
The ouster of Bank of America's (BAC) chief risk officer, Amy Brinkley, was inevitable, as I wrote in "Behind the shakeup at BofA" on Friday.
And as I mentioned in that piece, two years ago, Fortune featured Brinkley and five other execs in "One Step Away," about rising-star Most Powerful Women on track to be CEOs of Fortune 500 companies someday. So what's happened to the other five?
One woman made it MOREPatricia Sellers - Jun 8, 2009 12:31 PM ET
Another Fortune Most Powerful Woman -- a longtime member of our annual Power 50 list -- is leaving the corporate world. Susan Desmond-Hellmann, who was Genentech's (DNA) president of product development, is heading to the University of California San Francisco as chancellor.
Desmond-Hellmann's departure from business's upper echelons (She ranked No. 13 on Fortune's 2008 Power 50 list) adds to the trend of top women execs leaving corporations and deciding not MOREPatricia Sellers - May 1, 2009 3:41 PM ET
by Patricia Sellers
Dawn Hudson spent more than a decade chasing stretch goals at PepsiCo (PEP). She headed sales and marketing at Frito-Lay, the consumer giant's snack unit. She led marketing at Pepsi-Cola North America and ascended to CEO of that $5.5 billion business.
That job turned out to be Hudson's ceiling inside PepsiCo, where chairman and CEO Indra Nooyi has put her own stamp on the company. Hudson (who ranked as MOREPatricia Sellers - Mar 26, 2009 1:39 PM ET
by Patricia Sellers
Procter & Gamble (PG) lost its president today: Susan Arnold, a 29-year veteran who drove the company's high-margin beauty business to $20 billion in sales and went on to oversee all of P&G's brands, stepped down one day after her 55th birthday.
"My dad retired at 62," Arnold said, phoning this afternoon on her way to a Walt Disney (DIS) board meeting. "Then he got really sick. You know MOREPatricia Sellers - Mar 9, 2009 2:57 PM ET
We've spent the last three months slicing and dicing the accomplishments and career histories of the most powerful women in business -- far too many facts and figures to fit into our Most Powerful Women package in the magazine. Here are 10 intriguing facts that we couldn't find space for in print:
Youngest woman to ever appear on the list: Marissa Mayer, VP of Search and User Experience at Google (GOOG). MOREJessica Shambora, Writer-Reporter - Sep 30, 2008 12:11 PM ET
Coming on Monday...more turmoil in the markets? Let's hope not! Here's one thing you can bet on: Fortune's 2008 Most Powerful Women in Business list.
That's right, we just sent it to the printer, and you should see it online Monday morning. You'll see surprises. I can't give too much away (the women who made the list are being called this afternoon with the news that they made Fortune's rankings). But I MOREPatricia Sellers - Sep 26, 2008 3:10 PM ET
Another prominent woman made a move Monday: Pam Nicholson, No. 44 on Fortune's Most Powerful Women in Business list, was named president and COO of Enterprise Rent-a-Car.
Enterprise may not be on your radar because the company is privately held. But it's remarkable in many ways: Enterprise is the world's largest rental car company, with revenues approaching $13 billion. (You thought Hertz and Avis were No. 1 and No. 2? Enterprise MOREPatricia Sellers - Aug 4, 2008 4:27 PM ET
Pat Russo's planned resignation as CEO of telecom-equipment giant Alcatel-Lucent (ALU) isn't so surprising given her unending tide of challenges: intense industry competition, out-of-control costs, cultural clashes following the 2006 merger of the American and French companies. This simply wasn't manageable for a chief who, despite her impressive record as a turnaround champ at IBM (IBM) and then AT&T (ATT), didn't satisfy investors on either side of the Atlantic.
Some might MOREPatricia Sellers - Jul 29, 2008 12:50 PM ET
The Most Powerful Women franchise, just a decade old, is already Fortune's second biggest after the Fortune 500. Amazing, isn't it? This fact attests to the power of women in a year when so many powerful women - including Hillary Clinton and Morgan Stanley's (MS) Zoe Cruz and Lehman Brothers' (LEH) Erin Callan - got so close to the top and then fell. Even so, the power of women in business MOREPatricia Sellers - Jul 25, 2008 2:16 PM ET
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