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CNN Live At Daybreak
New Leader: NYSE Hires John Reed as Temporary Chief
Aired September 22, 2003 - 06:15 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Right now, though, it is time for a little business buzz. The New York Stock Exchange has hired an interim head for the board, and this one comes a whole lot cheaper than the former Mr. Grasso.
Let's get the story from Carrie Lee.
Is he really going to make a dollar?
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: One dollar, Carol, for as long as he is at the helm. We're talking about John S. Reed who is the former chairman of Citigroup. He's coming out of retirement to temporarily take the helm at the NYSE. The NYSE's board of directors appointed him to this position, this interim position yesterday. Reed said he would be chief on a temporary basis and that a permanent chairman and CEO would be selected as soon as it can be properly done.
Now he accepted this post over the phone while on a vacation in Europe. He will come back to the States and start as leader next Monday, September 29, one dollar for the length of his tenure. Quite a bit different from the $140 million pay package that Dick Grasso received and took with him, I might add, when he resigned just last week.
So that's the latest, Carol. And so far, the SEC, William Donaldson chair, anyway, says that he was pleased with the appointment of Reed. One of the things this board will work on, and Mr. Reed will work on, of course, is getting a new temporary chairman in that position.
COSTELLO: Understand. Carrie Lee, live from the Nasdaq market site in New York this morning, many thanks.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired September 22, 2003 - 06:15 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Right now, though, it is time for a little business buzz. The New York Stock Exchange has hired an interim head for the board, and this one comes a whole lot cheaper than the former Mr. Grasso.
Let's get the story from Carrie Lee.
Is he really going to make a dollar?
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: One dollar, Carol, for as long as he is at the helm. We're talking about John S. Reed who is the former chairman of Citigroup. He's coming out of retirement to temporarily take the helm at the NYSE. The NYSE's board of directors appointed him to this position, this interim position yesterday. Reed said he would be chief on a temporary basis and that a permanent chairman and CEO would be selected as soon as it can be properly done.
Now he accepted this post over the phone while on a vacation in Europe. He will come back to the States and start as leader next Monday, September 29, one dollar for the length of his tenure. Quite a bit different from the $140 million pay package that Dick Grasso received and took with him, I might add, when he resigned just last week.
So that's the latest, Carol. And so far, the SEC, William Donaldson chair, anyway, says that he was pleased with the appointment of Reed. One of the things this board will work on, and Mr. Reed will work on, of course, is getting a new temporary chairman in that position.
COSTELLO: Understand. Carrie Lee, live from the Nasdaq market site in New York this morning, many thanks.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
