Briefly

Rebel Morgan Stanley shareholders who forced the retirement of Chief Executive Philip J. Purcell may now set their sights on board members who supported him, a spokesman for the group said Thursday, signaling a battle for leadership change may not be over.

“We have not ruled out a proxy fight,” said Andrew Merrill, a spokesman for eight former Morgan Stanley executives and investors, whose campaign to oust Purcell succeeded.

Purcell, 61, announced his retirement Monday, surrendering to calls for his ouster from investors unhappy with dozens of departures from the firm and laggard stock performance. The announcement coincided with a second-quarter profit warning.