Charles Phillips is leaving the board at Morgan Stanley after four years. Chalk up a win for YaVaughnie Wiliams, the mistress—and ex Morgan Stanley intern—who used billboards to expose her eight-year affair with the executive.
Phillips won't seek re-election to Morgan Stanley's board, where he sits on the nominating and governance committees, according to an SEC filing by the investment bank, spotted by Bloomberg. Although he's admitted the longtime affair publicized via billboards across the country, Phillips remains co-president at Oracle, a member of the board there, at Viacom and at the White House, where he is on the president's advisory panel for economic recovery. The fallout is probably limited to Morgan Stanley because of the company's connection to the affair: We were told Phillips was an executive there when he met Wilkins, then interning for famed tech analyst Mary Meeker (see the latter half of this post). Of course, there's also the question of company culture. Something tells us Oracle's infamous playboy CEO Larry Ellison didn't get too riled up about his underling's philandering.