Stock exchange boss faces pressure over huge pay deal
The head of the New York Stock Exchange, Richard Grasso, was facing mounting pressure today after it emerged that some directors had doubts about his massive $140m (€199.4m) pay deal.
Minutes of a meeting held in August showed that director Jurgen Schrempp raised worries about “negative speculation and criticism” over the deal.
He questioned whether the move, as well as the decision to extend Mr Grasso’s contract to 2007, was “in the best interests of the exchange”.
The comments came in a meeting of the Stock Exchange’s compensation committee in early August.
It also emerged that Mr Grasso was in line for an additional $48m (€68.3m) of previously undisclosed payments but he turned it down.
Some directors had questioned whether this was appropriate.
Despite the criticism Mr Grasso said he would not resign.
The 57-year-old said: “Would I voluntarily, after having just committed four more years of my life to this institution, step down? The answer is clearly not.”
