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To: Taki who wrote (119757)	9/18/2003 1:03:52 PM
From: Jim Bishop	Respond to of 150070

NYSE head resigns Sep 18, 2003 (Datamonitor via COMTEX) -- Richard Grasso has resigned as chairman and CEO of the New York Stock Exchange (NYSE). The resignation follows controversy over his $188 million pay package. After losing the support of some of the most powerful executives in Wall Street, who sit on the 27-member NYSE board, Mr. Grasso decided to resign. The board had been struggling for days to extract the NYSE from the turmoil caused by his excessive pay package. According to Carl McCall, an NYSE board member and chairman of its compensation committee, the board accepted Mr. Grasso resignation, bringing to an end a 36-year career at the NYSE that saw him rise from an $80-a-week clerk to one of the highest paid executives in the US. Mr. Grasso was urged to resign by a number of directors during an emergency meeting that included Hank Paulson, chairman and CEO of Goldman Sachs Group [GS], Philip Purcell, chairman and CEO of Morgan Stanley [MWD], and William Harrison, head of JP Morgan Chase [JPM]. Mr. Grasso was however defended, by James Cayne, CEO of Bear Stearns [BSC], and Ken Langone, former chairman of the compensation committee, during a heated debate. Former secretary of state, Madeleine Albright, joined those calling him to go. As a result, Mr. Grasso insisted on a vote, in which saw him lose 13 to 7. In a statement announcing his resignation, Mr. Grasso said that he would assist the board in bringing about a smooth transition to a successor. His resignation is expected to lead to widespread changes at the NYSE. URL: datamonitor.com Republication or redistribution, including by framing or similar means, is expressly prohibited without prior written consent. Datamonitor shall not be liable for errors or delays in the content, or for any actions taken in reliance thereon Copyright (C) 2003 Datamonitor. All rights reserved -0- KEYWORD: United States SUBJECT CODE: Regulatory Management changes Morgan Stanley Dean Witter & Co. Bear Stearns * end of story *