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Interim NYSE chairman to stay another year

The chairman's post has been officially vacant since former chairman and CEO Dick Grasso was forced out last September.

By Associated Press
Published April 2, 2004

NEW YORK - The interim chairman of the New York Stock Exchange, former Citigroup chief executive John Reed, will remain in the job for at least another year, the exchange confirmed Thursday. The rest of the board of directors likely will remain as well.

The NYSE's board of directors, meeting Thursday, decided to postpone the addition of any new members until April 2005. The board had put out an open call for nominations to the board in March, but with more than 110 people nominated, the board wanted to take its time in finalizing a slate of new nominees.

Thus, the eight current members of the board have put themselves forward for another term. The membership of the privately held exchange will vote on their candidacies at the NYSE's annual meeting June 3.

"The unexpectedly large response has made it difficult for the board to give proper consideration to all the individuals during the short time before the proxy statement must be distributed later this month," said former U.S. Secretary of State Madeleine Albright, chairwoman of the NYSE board's nominating and governance committee. "We want to devote serious attention to these candidates, which requires more time."

The board will interview the most promising candidates to create a new slate of board candidates for next year. The board will also ask the NYSE membership to move the exchange's 2005 annual meeting from June of that year to April.

Nominations were accepted from both NYSE members and, in a first for the exchange, anyone holding shares in a NYSE-traded stock, effectively broadening the nomination process to most of the public.

Reed told the NYSE board of directors that he would stay on until the 2005 annual meeting, while the exchange continues to look for a permanent chairman.

The post has been officially vacant since former chairman and CEO Dick Grasso was forced out in September amid an outcry over his extravagant $187.5-million compensation package.

At the time, Reed took over the job for an annual salary of $1. He oversaw the hiring of current exchange CEO John Thain, whose salary is $4-million a year, in December.

A spokesman for the exchange did not know late Thursday whether Reed's salary would continue at $1.

[Last modified April 2, 2004, 01:20:42]

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