"We are pleased and fortunate that John has accepted our offer to become the interim chairman and chief executive of the NYSE," said Laurence D. Fink, who chaired the search committee. "John's excellent managerial experience, outstanding background in corporate governance, and familiarity with the NYSE's varied constituents make him the ideal choice to chair the Board."
Mr. Fink, an NYSE Board member and chairman and chief executive officer of BlackRock, Inc., added that Mr. Reed was the first choice of the search committee.
"The committee worked Friday night and throughout the weekend and looked at 12 possible candidates. John was at the top of the list, and was the only person to whom we offered the position. His qualifications matched perfectly the criteria we used to evaluate potential candidates." Mr. Fink said.
"The New York Stock Exchange is the world's greatest equities market and truly one of the world's great brands," said Mr. Reed. "I am honored that the committee considered me and look forward to meeting with the Board, management, membership and constituents of the Exchange in the coming weeks."
"John is a true statesman and the ideal candidate to lead the organization at this time," added H. Carl McCall, chairman of the NYSE's Governance Committee, and the lead director who presided over Sunday's board meeting. "I commend the committee for an outstanding, thorough and efficient job in quickly identifying and securing such an outstanding candidate. Our board convened today and unanimously accepted the search committee's recommendation.
"John certainly has the skills and experience to preside over this Board and ensure that we effectively move forward in proposing meaningful governance reforms. He is committed to working with the Board and the Securities and Exchange Commission to effect positive and constructive change."
In addition to Mr. Fink, members of the search committee included Madeleine K. Albright, principal, The Albright Group; Robert B. Fagenson, vice-chairman, Van Der Moolen Specialists USA, LLC; Mel Karmazin, president and chief operating officer, Viacom, Inc.; Gerald M. Levin, retired chief executive officer, AOL Time Warner, Inc.; John J. Mack, co-chief executive officer, Credit Suisse Group, and chief executive officer, Credit Suisse First Boston; and Larry W. Sonsini, chairman and chief executive officer, Wilson Sonsini Goodrich and Rosati.
Mr. Reed retired as chairman and co-chief executive officer of Citigroup on April 19, 2000. Prior to the merger of Citicorp and Travelers Group Inc. in Oct. of 1998, Mr. Reed was the chairman and chief executive officer of Citicorp and Citibank from 1984-98. He joined Citibank in 1965.
A U.S. Army officer and veteran, Mr. Reed received undergraduate degrees from Washington and Jefferson College and the Massachusetts Institute of Technology, and a master's degree from MIT. Mr. Reed will step down from the Board of Altria Group, Inc., on which he currently serves.
"My priority will be to ensure that this Board is effective and can get its job done," Mr. Reed added. "The governance reforms we will propose are critical at this juncture. I look forward to working with Bob Britz and Cathy Kinney and the rest of the management team at the Exchange in the coming weeks and months as they ensure the reforms become a reality. The NYSE is the center of global business. It is with the greatest respect for this organization and its 211-year history that I accept the Board's offer."
