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Last Updated: Thursday, 18 December, 2003, 14:36 GMT
New boss for NY Stock Exchange
Wall Street sign
John Thain, president of Goldman Sachs, has been named the new chief executive of the New York Stock Exchange (NYSE).

The NYSE has a traditional trading floor, but Mr Thain, 48, is seen as an advocate of electronic trading.

NYSE interim chairman and CEO John Reed said Mr Thain was somebody who would "look at the future". Former NYSE chief Dick Grasso quit the post after revelations that he had negotiated a pay and benefits package worth a total of $140m (80m).

The scale of the pay deal angered investors, who said it cast doubt over standards of governance at the exchange.

Mr Thain will take over his new post on 15 January.

Moves criticised

The announcement came a day after the Securities and Exchange Commission approved the NYSE's proposal to overhaul its governing structure.

Under the reforms, drawn up by John Reed, the exchange would be run by a board of directors with between six and 12 independent members, and a separate 20-member board of executives.

The exchange's activities would also be overseen by a "chief regulatory officer" who would report to a committee of directors.

But the shake-up has already been criticised as inadequate by major investors and US legislators, who argue that it does not do enough to curb the influence of the NYSE's member firms over how the exchange is run.

Under Mr Reed's proposals, NYSE members would retain the power to elect some of its directors.




SEE ALSO:
US watchdog backs NYSE overhaul
17 Dec 03  |  Business
US exchange sued by pension fund
16 Dec 03  |  Business
NYSE fines 'cheating' traders
16 Oct 03  |  Business
NYSE appoints interim head
21 Sep 03  |  Business
NYSE looks for Grasso successor
19 Sep 03  |  Business
NYSE chief resigns over pay row
18 Sep 03  |  Business


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