The

New York Stock Exchange

announced Thursday that Marshall Carter has been elected chairman of the board of directors.

Carter, 64, is a former chairman and CEO of

State Street

and a NYSE board member since 2003. Most recently, he has been a fellow at Harvard University's Kennedy School of Government Center for Public Leadership.

He replaces John Reed, interim chairman and former co-CEO of

Citigroup

. Reed took over the helm of the Big Board after former Chairman and CEO Richard Grasso resigned over his controversial pay package.

"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," Carter said, in a release on the Exchange's Web site.

"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, Exchange CEO John Thain said. "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."

Three new directors also were elected: Ellyn L. Brown, president, Brown & Associates and a former Maryland state securities commissioner; Alice M. Rivlin, a former vice chairman of the

Federal Reserve

and budget director in the Clinton administration; and Karl M. von der Heyden, former

PepsiCo

vice chairman.