NATION : N.Y. Stock Exchange Chief Says He’ll Resign at the End of 1990
New York Stock Exchange Chairman John Phelan said today he would leave his post at the helm of the nation’s largest stock exchange at the end of the year.
In a news conference after the market closed this afternoon, Phelan, 58, said “perhaps there was another career out there for me. Sixty is a good time to make a transition.”
Phelan is a Wall Street insider who once ran a specialist floor-trading firm. He was at the helm of the stock exchange through some of its most turbulent times, including the October, 1987, stock market crash and the probes of computer program trading blamed for volatile swings in stock prices.
He became chairman in 1984. Asked what he planned to do once he leaves, he noted he has 11 months to consider the issue and has come to no decision about his future.
There had been rumors on Wall Street that Treasury Secretary Nicholas F. Brady would resign his post and that Phelan might be nominated to take his place. But the White House said the Brady resignation rumors were not true.
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