New York, Sept 26: Carl McCall, lead director of the board of the New York Stock Exchange, has resigned, saying the move would ease reforms after NYSE chief executive Dick Grasso quit amid a scandal over his 140 million-dollar pay package. In a letter to interim chief John Reed, who begins work on Tuesday, McCall said, "When you assume the role of acting chairman, you should be free to do whatever is necessary to restore the integrity of the NYSE while maintaining its role as the premier marketplace in the world.
"To ensure that, you -- and the NYSE -- can move forward without being encumbered by the past, I hereby tender my resignation from the board, effective the close of business Monday, September 29," said the letter yesterday, which was posted on the NYSE website. McCall's letter said he would preside over a meeting early Monday of a special committee on NYSE governance that would consider recommendations for change "that I will present to you, as planned, later in the day".
He recalled that in a report last June, the committee had "underscored our commitment to transparency and disclosure, including disclosure of the chief executive officer's compensation". It was that point that brought about Grasso's resignation under fire on September 17 after revelations of his huge and secret pay package drew protests from across the industry. Bureau Report