Bloomberg News

NEW YORK - Dwight Sipprelle, the co-head of global high-yield debt at Morgan Stanley Dean Witter & Co., has resigned after 16 years at the investment bank.

Mr. Sipprelle, 42, joined Morgan Stanley as an associate in 1984 and helped build its high-yield business. The firm is the fourth-ranked junk bond underwriter.

Mr. Sipprelle's departure came less than two weeks after new managers of trading, research, investment banking, and asset management were appointed in the biggest executive changes at Morgan Stanley since 1997, when it merged with Dean Witter. The appointments included the naming of Zoe Cruz as global head of fixed income, commodities, and foreign exchange.

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