NYSE Appoints Board Of Executives

The New York Stock Exchange today announced the appointment of 19 of 22 individuals to serve on the NYSE's Board of Executives, an advisory panel that is representative of NYSE constituents.

"The Board of Executives will play a crucial role in reshaping the New York Stock Exchange," said Interim Chairman John S. Reed. "We have recruited a group of individuals who know the Exchange and its issues, as well as the interests of those they represent. They will provide our independent Board of Directors and management with essential public and industry perspective.

"We have put forward a new Board of Directors and a new governance structure, which the Securities and Exchange Commission has approved," Mr. Reed added. "Appointing the Board of Executives was another critical step. All of the pieces are coming into place to ensure the NYSE has strong and expert leadership, and independent and transparent governance."

The Board of Executives (BoE) is comprised of the following representatives of the NYSE's various constituencies:

Investors --
Laurence D. Fink, Chairman and CEO, BlackRock, Inc. Richard H. Moore, State Treasurer, North Carolina, Allen Reed, President and CEO, GM Asset Management, Kurt Stocker, Professor Emeritus, Northwestern University Medill School of Journalism and chairman, NYSE Individual Investors Advisory Committee
Listed companies --
Louis Camilleri, Chairman and CEO, Altria Group Inc., Mel Karmazin, President and COO, Viacom, Inc.
Lessor members - Joseph A. Mahoney, Donald Stone
Member firms that deal with the public --
James E. Cayne, Chairman and CEO, The Bear Stearns Companies Inc. John J. Mack, Chief Executive Officer, Credit Suisse First Boston LLC, E. Stanley O'Neal, Chairman and CEO, Merrill Lynch & Co., Inc., Henry M. Paulson, Jr., Chairman and CEO, The Goldman Sachs Group, Inc., Philip Purcell, Chairman and CEO, Morgan Stanley Thomas A. Renyi, Chairman and CEO, The Bank of New York, William B. Summers, Jr., Chairman, McDonald Investments Inc.
Specialist firms --
John F.X. Dolan, Partner, Van der Moolen Specialists USA, Peter J. Murphy, Executive Vice President, Bear Wagner Specialists
Trading-floor brokers --
Robert H. McCooey, Jr., President and CEO, The Griswold Company, Doreen Mogavero, President and CEO, Mogavero, Lee & Co.

The BoE will meet at least six times a year to discuss Exchange performance, membership issues, listed-company issues and public issues relating to market structure and performance. The BoE will meet with the Exchange's Board of Directors (BoD) in joint session several times annually, provide the BoD reports of deliberations, and serve on some joint committees with members of the BoD; BoE members do not serve on the Regulatory Oversight and Regulatory Budget Committee, or on the Audit, Nominating and Governance, and Human Resources and Compensation Committees.

The BoD will appoint individuals to the BoE annually, contemporaneous with the BoD's annual election each June. The current term for both boards expires in June 2004, and elections and appointments will be annual thereafter.