NYSE Chief Resigns

World | September 18, 2003, Thursday // 00:00

The chairman of the New York Stock Exchange has resigned following a public outcry over his USD 140 M pay package. Richard Grasso, who has worked at the exchange for 36 years, quit after an emergency board meeting following mounting pressure from investors, regulators, politicians and Wall Street firms over the scale of his payout. The move came after a day after U.S. business leaders called for Grasso to step down, saying the package was inappropriate for someone whose position was to regulate the market and the exchange.

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