News Releases

NEW YORK, April 7, 2005 – The New York Stock Exchange Board of Directors today elected Marshall N. Carter chairman.  Mr. Carter, 64, has been an NYSE director since December 2003.  Most recently, he has been a Fellow at Harvard University’s Kennedy School of Government Center for Public Leadership.  From 1992-2001, Mr. Carter was chairman and CEO of the State Street Bank and Trust Co., and its holding company, State Street Corp.

“It is a great privilege to chair the board of the world’s leading equities market at a time of historic opportunity,” said Mr. Carter.  “Moving forward, our market is positioned to extend our leadership on a broad range of fronts, including protecting investor interests, transforming our market model, raising the bar on self regulation and governance, and ensuring the highest quality market for our customers.   My colleagues on the board of directors, the board of executives and the management team will continue to ensure the preeminence of the NYSE and America’s capital marketplace.”

“On behalf of the entire NYSE community, I want to congratulate Marsh Carter on his election as chairman,” said NYSE CEO John A. Thain.   “Marsh brings a great deal of experience and insight into this role, and we will continue to work with him during a truly exciting and important period for the NYSE and our nation’s equities markets.  We also owe a great deal of thanks and appreciation to John Reed for his tenure as chairman.  John came to the Exchange with a strong sense of public purpose, and took bold action during a difficult and challenging time.  He has made a positive and lasting difference at the NYSE and for all we serve.” 

Three New Directors, Six Incumbent Directors Elected

Three new directors were elected by the NYSE’s members:  Ellyn L. Brown, president, Brown & Associates and former Maryland state securities commissioner; Alice M. Rivlin, former vice chairman of the Federal Reserve Bank and budget director in the Clinton Administration; and Karl M. von der Heyden, former PepsiCo vice chairman.

NYSE members re-elected incumbent directors Herbert M. Allison, Jr, chairman, president and CEO, TIAA-CREF; Mr. Carter; Shirley Ann Jackson, president, Rensselaer Polytechnic Institute; James S. McDonald, president and CEO, Rockefeller & Co., Robert B. Shapiro, former chairman of Pharmacia Corp. and former chairman and CEO of Monsanto Co.; Dennis Weatherstone, retired chairman, J.P. Morgan & Co., and Edgar S. Woolard, Jr., former chairman and CEO, DuPont. 

Board of Executives Appointed

In other business, the Board of Directors appointed members to serve on the Exchange’s Board of Executives (BoE).  (* - denotes first time appointees to the BoE, all others were re-appointed)

Individual investors

• Kurt Stocker, Professor, Northwestern University Medill School of Journalism and chairman, NYSE Individual Investors Advisory Committee

Institutional investors

• Laurence D. Fink, Chairman and CEO, BlackRock, Inc.
• Richard H. Moore, State Treasurer, North Carolina
• W. Allen Reed, President and CEO, GM Asset Management

Listed companies

• Louis Camilleri, Chairman and CEO, Altria Group Inc.

Unaffiliated lessor members

• William Power
• *John Jakobson

Member firms that deal with the public

• James E. Cayne, Chairman and CEO, The Bear Stearns Companies Inc.
• *John P. Costas, Chairman and CEO, UBS Investment Bank
• E. Stanley O’Neal, Chairman and CEO, Merrill Lynch & Co., Inc.
• Henry M. Paulson, Jr., Chairman and CEO, The Goldman Sachs Group, Inc. 
• Philip Purcell, Chairman and CEO, Morgan Stanley
• Thomas A. Renyi, Chairman and CEO, The Bank of New York
• William B. Summers, Jr., Chairman, McDonald Investments Inc.

Trading-floor representatives

• Arthur D. Cashin, Jr., Managing Director, UBS Financial Services, Inc.
• John F. X. Dolan, Partner, Van der Moolen Specialists USA
• *George M.L. (Michael) LaBranche, IV, Chairman, CEO & President, LaBranche & Co.
• Robert H. McCooey, Jr., President and CEO, The Griswold Company
• *Karen Nelson Hackett, JNK Securities Corp.
• *Daniel W. Tandy, Senior Managing Director, Prime Executions.

Results of Proposals to Amend NYSE Constitution

NYSE members approved six amendments approved by the NYSE Board of Directors.  Four of the proposals expand the types of ownership of an NYSE membership; one authorizes the board to eliminate the two-percent commission cap on transaction fees; and one modifies the Exchange’s disciplinary procedures.