"As an Exchange director, vice chairman and as president, Bill has been a great partner and enormous contributor to our every success. His intimate knowledge of markets and his deep experience with our issues have been an invaluable resource," said Mr. Grasso. "Although we of course respect Bill's long-held plans to step down from his executive duties at this point, we are delighted he has agreed to continue as senior adviser. His counsel will be integral to our approach to the many opportunities we face going forward.
"Bob and Cathy have risen through our ranks as outstanding leaders and managers who are now ready to take on even greater responsibilities," Mr. Grasso continued. "During their time at the NYSE we have become the global leader among equities markets, due in great part to their work in our equities and client groups. They and their teams have built a platform of value for our customers that includes the most sophisticated market technology, a range of value-added services for issuers and investors, and new choices in accessing our market information and liquidity. Cathy's and Bob's expanded roles here will result in continuing, enormous benefits for all of our customers, from investors to issuers to our member community."
Mr. Johnston, 62, became a member of the Exchange in 1964 and was a leader of the trading-floor community - including terms as an NYSE director and vice chairman - before becoming president and COO on July 1, 1996.
"It's been my honor and privilege to call this Exchange my life's work, and I'm looking forward to continuing to help in an advisory role," said Mr. Johnston. "When I started as a member, trading volume was less than 5 million shares a day; today, we do that in the opening trade of a single stock. Even that doesn't begin to speak to the enormous change and growth in this business over that time. I've just been incredibly fortunate to have worked with great people in a business that I love, for an institution that has been so instrumental in so much positive change. As time has gone by, I've long talked with Dick and others about my plans to scale back. But I'm excited about the opportunity to continue to partner with Dick, Bob and Cathy."
Mrs. Kinney, 49, joined the NYSE in 1974 and since 1995 has been group executive vice president in charge of overseeing the Exchange's competitive position and relationships with its listed companies, member firms and institutions including new listings and client service, equity marketing and sales, exchange-traded funds and fixed income. Prior to that, she had been responsible for managing trading-floor operations and technology.
"Our customers increasingly are recognizing and valuing what the NYSE stands for: the quality of our listed companies, the depth and liquidity of our agency-auction market, the strength of our regulation," Mrs. Kinney said. "Going forward, the Exchange is well-positioned to build on and leverage those core benefits to be of even greater value to customers. I'm thrilled with this new opportunity." Mr. Britz, 50, joined the NYSE in 1972 and since 1995 has been group executive vice president in charge of overseeing the operation of the NYSE market, technology and the NYSE's information products. Prior to that, he had been responsible for managing new listings and client service. "In terms of the offerings we can deliver to our customers, we've only scratched the surface," said Mr. Britz. "The Exchange is continuing to expand Network NYSE, the array of order-execution services and market-information products that enables customers to choose how they do business with us. With new technologies tapping into our liquid and data-rich market environment, our potential is virtually unlimited. It's a great honor for me to be given this new position."
William R. Johnston background
William R. Johnston became president and chief operating officer on July 1, 1996. Formerly he was senior managing director of LaBranche & Co. He joined the firm in 1990, having previously been chairman of the board and chief executive officer of Agora Securities, Inc. Before that he had served as senior vice president and director of Mitchum, Jones & Templeton, Inc.
Mr. Johnston currently serves as a member of the Exchange's Executive Committee and Quality of Markets Committee, and as a director of The NYSE Foundation, Inc. A member of the Exchange since 1964, Mr. Johnston has served on the Market Performance Committee, the Personnel Policy and Compensation Committee, and the Financial & Operational Surveillance Committee. Mr. Johnston has also chaired the Subcommittee on Floor Facilities.
Mr. Johnston is currently president of the Floor Members Outreach Committee, a member of the National Organization of Investment Professionals, and treasurer and director of the Cancer Research & Treatment Fund. He is a trustee emeritus of Washington and Lee University.
Mr. Johnston graduated from Washington and Lee in 1961 with a B.S. degree.
Robert G. Britz background
Robert G. Britz has been group executive vice president and a member of the Office of the Chairman since June 1995. As head of the Equities group, Mr. Britz is responsible for the operation of the NYSE market, technology, the NYSE's information products and real estate and facilities.
Mr. Britz previously had been executive vice president, New Listings and Client Service.
He joined the NYSE in 1972, and held various management positions in the NYSE's corporate marketing area, including managing director of corporate business development, vice president of new listings and client service, and senior vice president and executive vice president of the same division.
Mr. Britz received a Bachelor of Science degree in finance from Manhattan College and completed the Advanced Management Program at the Harvard Business School.
Mr. Britz co-chairs the NYSE's Management and Operating committees. Additionally he is a member of the board of directors of the Securities Industry Automation Corp. (SIAC) in New York, and Sector, Inc.
Catherine R. Kinney background
Catherine R. Kinney has been group executive vice president and a member of the Office of the Chairman since June 1995. Mrs. Kinney oversees the Exchange's competitive position and relationships with its listed companies, member firms and institutions including new listings and client service, equity marketing and sales, and fixed income. Prior to that, since 1986, she had been responsible for managing the trading-floor operations and technology.
Since joining the NYSE in 1974, Mrs. Kinney has worked in several departments, including regulation, sales and marketing and technology planning. Mrs. Kinney earned a Bachelor of Arts from Iona College, New Rochelle, N.Y. and completed the Advanced Management Program, Harvard Graduate School of Business.
Mrs. Kinney co-chairs the NYSE's Management and Operating committees. She served on the Securities Industry Automation Corp. (SIAC) board from 1988-1997 as well as the SIAC executive committee from 1994-1997.
She is a member of the board of the New York University Downtown Hospital, the Board of Regents at Georgetown University and is a trustee of Iona College.
