NEW YORK (CNN/Money) - Morgan Stanley is considering former president John J. Mack as a candidate for chief executive of the Wall Street firm, according to media reports Thursday.

On Wednesday, Morgan Stanley reported a 24 percent drop in quarterly profit, which may increase pressure on the board to speed its search for a new chief executive.

The top job came open after Philip Purcell said June 13 he would step down once a successor is named.

Mack was forced to leave the firm in 2001 when Purcell refused to share power with him, reports said.

Other candidates for the position include John P. Costas, the chairman of UBS's investment bank; Laurence D. Fink, the chief executive of BlackRock and Warren J. Spector, a president and co-chief operating officer at Bear Stearns, according to reports.

Mack was not reached for a statement.

Morgan Stanley declined to comment.

Click here to read Purcell's retirement letter.