John A. Thain, president and COO of Goldman Sachs Group, today was named CEO of the New York Stock Exchange, effective Jan. 15. The appointment comes one day after the SEC approved the NYSE's governance reform plan, which includes separating the chairman and CEO roles; that provision was not part of the original reform plan submitted to the commission in November.
John S. Reed was interim CEO; he remains interim chairman of the Big Board. Mr. Reed said he would stay until a replacement is found, and although he would stay on the NYSE board if asked and "if appropriate," he had no desire to be the exchange's permanent chairman.
Mr. Thain will be paid $4 million a year, including bonuses, with none of the retirement program structures that led to previous chairman and CEO Richard Grasso's nearly $140 million pay package, Mr. Reed said.
Lloyd C. Blankfein, vice chairman and head of Goldman Sachs' equities and fixed income, currency and commodities divisions, was named to replace Mr. Thain.