Reed Begins Revamping NYSE
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John Reed, interim chairman of the New York Stock Exchange, has begun sketching out a revamped board to NYSE members.
Reed told NYSE member William Higgins in a meeting last week that he wanted a board of 16 to 18 people with authority for regulatory matters, Higgins said in a letter to other NYSE members.
A second “executive board” would consist of six people drawn from institutional investors, securities firms, NYSE-listed companies and people who own the exchange’s 1,366 memberships.
Reed’s proposal comes five weeks after he replaced Chairman Richard Grasso and vowed to clean up governance at the world’s largest stock exchange. Grasso resigned last month after the disclosure of his large salary and retirement package.
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