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Technology Stocks : Semi Equipment Analysis

SOXX 314.52

-0.6%

Dec 11 4:00 PM EST

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To: Ian@SI who wrote (11641)	9/18/2003 8:59:33 AM
From: Gottfried	Read Replies (1) of 95574

Ian, Gretchen M. wrote a piece about the Grasso resignation in NYT today. Excerpt... Mr. Grasso had a remarkable rise at the exchange, from a clerk earning $82.50 a week in 1968 to its top executive in 1995. When it was announced last month that he would receive $139.5 million in deferred pay and retirement benefits, a furor erupted as critics noted that he was not just a market leader but a regulator whose pay was set by some of the people he oversaw. The outrage over his pay threatened to engulf the exchange itself. Under pressure from the board and after several public pension funds Tuesday called for him to leave, Mr. Grasso offered his resignation yesterday in a hastily arranged telephone meeting with directors that began after the markets closed and lasted for two hours. A heated discussion among the directors ensued, with 13 of the 20 participants ultimately voting to accept Mr. Grasso's resignation. The seven other directors on the call opposed the resignation of Mr. Grasso. ``I believe this course is in the best interest of both the exchange and myself,'' Mr. Grasso said in a statement, adding that he was leaving ``with the deepest reluctance.'' Unlike many executives whose pay has drawn fire in recent years, Mr. Grasso has been applauded for his management, including his strong leadership and ability to reopen the markets after Sept. 11. ``This will be the first time in American history where someone who is said to have done a good job is being fired because the board is paying him too much,'' said Jeffrey A. Sonnenfeld, associate dean of the Yale School of Management. ``The board's accountability is the second issue to be dealt with.'' nytimes.com G.

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