NYSE narrows choice for top job

March 29, 2005 at 2:30 PM

NEW YORK, March 29 (UPI) -- Marshall Carter, formerly with the State Street Corp., is the top candidate to become chairman of the New York Stock Exchange, the Wall Street Journal said.

If selected, the 64-year-old Carter would succeed John Reed, who is stepping down next month. The decision by the NYSE board, expected by April 7, would put the former bank executive with extensive Washington contacts at the helm of the Big Board at a pivotal time in its 212-year history. The Journal reported.

The NYSE wants regulatory approval of a new system with more electronic trading. The not-for-profit exchange is also weighing a shift to for-profit status that some view as a precursor to going public, the Journal said.

Reed joined the exchange as interim chairman in the tumultuous days after the September 2003 ouster of former NYSE Chairman Dick Grasso, whose huge pay package sparked a public outcry.

Reed revamped the board's structure, split the jobs of chairman and chief executive and agreed to be paid only $1 for his services.

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