"I was surprised at the news today that Carl McCall resigned the NYSE. There was no indication during our discussions yesterday that he was contemplating resignation. He had been the lead spokesperson on behalf of the board at our meeting with the NYSE earlier this week. As the former sole fiduciary of the second largest pension fund in the country, Carl 'got it' when it came to the needs of investors and especially institutional investors, and he was the leading advocate for change there. He agreed with us for the need for a smaller, more manageable board and our other reforms.
I guess he felt, after being a strong advocate for change, that at this point in the evolutionary process of change at the NYSE, he thought the best example of board leadership was to step down.
Other board members should think about the decision he made and decide for themselves what is their best individual course of action. Ultimately, we will await the results of an independent review of the exchange and continue to push for the Securities and Exchange Commission to take the lead in the review. "
