Michael L. Fitzgerald, Iowa state treasurer and trustee of the $15 billion Iowa Public Employees' Retirement System, Des Moines, joined other public pension fund officials in calling for Richard Grasso to resign as chairman of the New York Stock Exchange. Mr. Fitzgerald cited Mr. Grasso's compensation in light of corporate scandals and regulatory problems over the last three years as a reason.
"I think that confidence in the New York Stock Exchange is the more important thing for institutional investors and individual investors to have," Mr. Fitzgerald said. "For the good of the exchange, he should step down."
Separately, Mr. Grasso called a special meeting of the NYSE's board of directors for Sept. 24 "to review the preliminary report and recommendations prepared by the special committee on governance of the NYSE and a discussion of current issues," a spokeswoman said. She declined to elaborate.