"Dick offered to submit his resignation if the board requested, and the board did so and accepted that resignation," said H. Carl McCall. "Dick called a special meeting of the board this afternoon in light of the recent discussion surrounding the Exchange and his compensation." Mr. McCall chaired the meeting and served as the lead director.
"For the past 36 years, I have had the honor and privilege of working for what I believe is the greatest equities market in the world-the New York Stock Exchange," said Mr. Grasso. "Today, I shared with the board of directors in a conference call that, with the deepest reluctance and if the board so desired, I would submit my resignation as chairman and chief executive officer.
"Throughout my career and on behalf of all Exchange constituents, I have worked with great partners to build and enhance the value and brand of the NYSE. I look forward to supporting the board and the Exchange in bringing about a smooth transition to a successor. I believe this course is in the best interests of both the Exchange and myself."
"Every single director on our conversation discussed the great job that Dick has done as chairman and chief executive," Mr. McCall added.
The board will reconvene at 9 p.m. tonight to appoint an interim chairman and chief executive officer, as well as a search committee to select a permanent successor to Mr. Grasso.
"The board has asked Catherine Kinney and Robert Britz to remain in their current positions," Mr. McCall added. "We remain committed to an ongoing series of governance reforms as we continue the process the governance committee began in February." That committee is chaired by Mr. McCall and Leon Panetta.
