Morgan Stanley co-president Zoe Cruz, who rose in the firm through the fixed-income business segment that includes mortgage-backed securities, is departing the firm as part of a leadership reorganization in the wake of subprime mortgage-related writedowns at the company.Ms. Cruz, 52, has been considered one of Wall Street's more notable women executives and a one-time rising star at the firm. Also in connection with the reorganization, Walid A. Chammah and James P. Gorman are becoming co-presidents, and Robert Scully is joining a newly created Office of the Chairman. In addition, Michael "Mitch" Petrick is to oversee the firm's trading business and serve as co-head of institutional securities sales and trading, alongside Jerker Johansson; and Neal Shear has been named chairman of the firm's commodities business.

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