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9/21/2003

NYSE seeks new head, discusses pay reforms

The Associated Press

NEW YORK — The New York Stock Exchange board named a search committee to find its next leader and discussed ways to reform itself Friday, as it began to navigate life after Dick Grasso.

In its first order of business since forcing its chairman and chief executive to resign over a pay scandal, the board named Laurence Fink, CEO of investment group BlackRock Inc., to lead a committee to find Grasso’s replacement. Fink did not immediately return calls seeking comment.

The NYSE’s directors are considering sweeping changes following the uproar over Grasso’s lavish compensation, including a proposal from one board member that calls for all brokerage industry insiders to step down.