John Reed, New York Stock Exchange interim chairman and CEO, today nominated eight people to a new independent board of directors he recommended as part of his plan to reform the exchange.
The nominees are: Herbert M. Allison Jr., president, chairman and CEO of TIAA-CREF, New York; Madeline Albright, former U.S. secretary of state; Euan D. Baird, chairman of Rolls-Royce PLC, London; Marshall N. Carter, former chairman and CEO of State Street Bank and Trust Co., Boston; Shirley Ann Jackson, president of Rensselaer Polytechnic Institute, Troy, N.Y.; James S. McDonald, president and CEO of Rockefeller & Co. Inc., New York; Robert B. Shapiro, former chairman and CEO of Monsanto Co., St. Louis; and Sir Dennis Weatherstone, former chairman and CEO of J.P. Morgan & Co., New York.
Mr. Reed said he asked the exchange's current directors to resign, effective upon certification of the new board. Ms. Albright and Mr. Allison are current board members.
The reforms are subject to approval by exchange members, who will vote on the proposals Nov. 18. Final approval must come from the SEC. If the exchange membership rejects his proposals, "I'll be re-retired, they'll have their old board and I don't know what they'll do," Mr. Reed said.