The board consists of 12 public members, 12 industry members, NYSE chairman and CEO Dick Grasso, and NYSE Co-Chief Operating Officers, Presidents and Executive Vice Chairmen Catherine Kinney and Robert Britz. The Exchange's membership will vote on the nominations on June 6.
Five New Candidates Nominated
The new candidates for public representatives are Carol Bartz, chairman and CEO of Autodesk, Inc.; Laurence D. Fink, chairman and CEO of BlackRock, Inc.; and Martha Stewart, chairman and CEO of Martha Stewart Living Omnimedia, Inc.
The new candidates for securities industry representatives are James E. Cayne, chairman and CEO of The Bear Stearns Companies Inc.; and John J. Mack, CEO, Credit Suisse First Boston.
The new candidates are nominated to fill the positions that will be vacated by Maurice R. Greenberg, chairman and CEO, American International Group, Inc.; Richard S. Fuld, Jr., chairman and CEO of Lehman Brothers Holdings Inc., and Alex Trotman, chairman of Imperial Chemical Industries PLC and chairman of the board, and CEO (retired) of Ford Motor Co., whose terms have expired and who are ineligibe for re-election under the NYSE Constitution. Joe L. Roby, chairman (emeritus) of Credit Suisse First Boston will not stand for re-election. Martha Stewart will fill the vacancy created by the resignation of Linda J. Wachner last year.
Four Public Directors Nominated for Re-election
The nominating committee proposed four current public representatives for re-election:
- William B. Harrison, Jr., chairman and CEO, J.P. Morgan Chase & Co.;
- Peter N. Larson, chairman and CEO (retired), Brunswick Corporation;
- Gerald M. Levin, CEO, AOL Time Warner Inc.;
- Juergen E. Schrempp, chairman of the board of management, DaimlerChrysler AG.
The nominating committee proposed four current securities industry representatives for re-election:
- James M. Dureya, president, J.M. Duryea, Inc.;
- Kenneth G. Langone, chairman of the board, Invemed Associates LLC;
- Robert M. Murphy, CEO, LaBranche & Co. LLC;
- William B. Summers, Jr., chairman, McDonald Investments, Inc.
The nominating committee is composed of representatives of the securities industry and the public. The nominating committee is independent of the NYSE board of directors. The nominations of the committee are not approved by the board before being submitted to the membership for voting.
The NYSE Constitution directs the committee to propose nominees who are committed to serving the interests of the public and strengthening the NYSE as a public securities market.
Directors can be elected to serve a maximum of three 2-year terms, and are elected at the annual meeting of NYSE members, held each year on the first Thursday in June.
