Cardinal Health vs Morgan Stanley: Founders, CEOs and History

Company facts

Founders

CEOs and their tenures

Timeline: Cardinal Health and Morgan Stanley side by side

1. 1935Morgan Stanley

   Morgan Stanley Founded

   Henry S. Morgan and Harold Stanley officially launch the top investment bank following the historic Glass-Steagall split.

2. 1971Cardinal Health

   Cardinal Foods Founded by Robert D. Walter

   Robert D. Walter, a 26-year-old Harvard MBA graduate, borrowed $1.3 million to acquire the food-distribution division of Consolidated Foods in a leveraged buyout, establishing Cardinal Foods in Columbus, Ohio.

3. 1979Cardinal Health

   Pivot to Pharmaceutical Distribution

   Walter acquired Bailey Drug Co., a pharmaceutical distributor in Zanesville, Ohio, marking Cardinal's entry into pharmaceutical distribution.

4. 1983Cardinal Health

   Cardinal Distribution Goes Public

   Cardinal Distribution Inc. completed its initial public offering on the NASDAQ at $1.03 per share, providing capital for continued expansion through acquisitions.

5. 1984Cardinal Health

   Acquisition of Ellicott Drug

   Cardinal acquired Ellicott Drug, a pharmaceutical distributor in Buffalo, New York, continuing the acquisition-driven expansion strategy that would define the company's growth for decades.

6. 1988Cardinal Health

   Sale of Food Operations to Roundy's Inc.

   Cardinal sold its remaining food operations to Roundy's Inc., completing the company's transition from a diversified food and drug distributor to a pure-play pharmaceutical distribution company.

7. 1994Cardinal Health

   Name Change to Cardinal Health

   The company changed its name from Cardinal Distribution to Cardinal Health, reflecting its expanding mission beyond pure distribution into healthcare services, manufacturing, and technology. Revenues exceeded $1 billion by 1991.

8. 1995Cardinal Health

   Acquisition of Medicine Shoppe International

   Cardinal acquired Medicine Shoppe International, the country's largest franchise of retail pharmacies, marking the company's first significant non-distribution acquisition and entry into retail pharmacy.

9. 1996Cardinal Health

   Acquisition of Pyxis Corp.

   Cardinal acquired Pyxis Corp., a manufacturer of automated supply and pharmaceutical dispensing systems for hospitals, adding medical technology capabilities to the company's portfolio.

10. 1996Morgan Stanley

    Acquired Van Kampen American Capital

    Morgan Stanley acquired Van Kampen American Capital in 1996.

11. 1997Morgan Stanley

    Merged with Dean Witter Discover & Co

    Morgan Stanley merged with Dean Witter Discover & Co in February 1997.

12. 1999Cardinal Health

    Acquisition of Allegiance Healthcare Corp.

    Cardinal acquired Allegiance Healthcare Corp. for approximately $4.4 billion, becoming a major player in the medical-surgical products market and establishing the foundation for what would become the Global Medical Products and Distribution segment.

13. 2008Morgan Stanley

    Bank Holding Company Conversion

    Facing total catastrophic collapse, the firm converts into a traditional bank holding company to survive the global financial crisis.

14. 2009Morgan Stanley

    The Smith Barney Acquisition

    then-CEO James Gorman masterminds the acquisition of Smith Barney, instantly creating a dominant retail wealth management leader.

15. 2013Cardinal Health

    Red Oak Sourcing Joint Venture with CVS

    Cardinal Health and CVS Caremark announced the creation of Red Oak Sourcing, a 50/50 joint venture to form the largest generic pharmaceutical sourcing entity in the United States. The venture began operations in July 2014 with an initial 10-year term.

16. 2014Cardinal Health

    Loss of Walgreens Contract

    Cardinal Health lost a major pharmaceutical distribution contract with Walgreens, which shifted its distribution to AmerisourceBergen. The contract had generated $3.3 billion in quarterly revenue.

17. 2017Cardinal Health

    Acquisition of Patient Recovery Business from Medtronic

    Cardinal Health acquired the Patient Recovery business from Medtronic for $6.1 billion, expanding its medical products portfolio and adding significant scale to the Global Medical Products and Distribution segment.

18. 2018Morgan Stanley

    Acquired Mesa West

    Morgan Stanley acquired Mesa West in March 2018.

19. 2020Morgan Stanley

    E*TRADE Acquisition

    Morgan Stanley dominates the self-directed brokerage market by acquiring E*TRADE for $13 billion.

20. 2021Morgan Stanley

    Acquired Eaton Vance

    Morgan Stanley acquired Eaton Vance for $7 billion. Morgan Stanley acquired Eaton Vance for about $7B, completed in March 2021, adding Parametric, Calvert, and Atlanta Capital.

21. 2024Cardinal Health

    OptumRx Contract Non-Renewal Announced

    Cardinal Health's pharmaceutical distribution contracts with OptumRx (part of UnitedHealth Group) expired at the end of June 2024 and were not renewed. They represented about $38.1 billion of fiscal 2024 revenue.

22. 2024Morgan Stanley

    Ted Pick Appointed CEO

    Following a competitive internal succession, Ted Pick takes the helm to heavily drive the integration strategy.

23. 2025Cardinal Health

    Fiscal 2025 Results and Raised FY2026 Guidance

    Cardinal Health reported fiscal 2025 revenue of $222.6 billion, down about 2% after the OptumRx contract expiration, while net earnings rose to about $1.6 billion.

24. 2026Cardinal Health

    Fiscal 2026 Revenue Reaches $254.2 Billion

    Fiscal 2026 revenue rose 14% to $254.2 billion and non-GAAP EPS rose 37% to $11.26, with profit growth in all five operating segments.

Acquisitions

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