New York Stock Exchange
interim chairman John Reed said it would be a mistake to split the exchange's regulatory and commercial roles, but still said the board plans to make some "profound" changes.
At a news conference Thursday, Reed said he would not recommend separating the NYSE's roles. H. Carl McCall, the former head of the NYSE's compensation committee, suggested in his resignation letter last week that the exchange consider splitting off its regulatory unit into a separate entity.
Reed, the former chairman of Citigroup, said he reviewed a report by a special NYSE committee on governance during a board meeting Thursday, which included 27 proposals that go "a long way, maybe all the way, to getting the job done."
While Reed didn't explain what those proposals were, he did say that the exchange would "go beyond" standards that it set for its listed companies. He also hopes to implement changes by the end of the year.
Reed took over as interim chairman of the Big Board after the former CEO and Chairman Richard Grasso was forced to resign amid an uproar over his $140 million pay package. Reed said it is too soon to discuss who will fill the role of CEO and/or Chairman.
At the conference, Reed also said the exchange will disclose the salaries of other top paid officials, including those of co-chief operating officers Robert Britz and Catherine Kinney.
"I'd rather do it sooner because obviously it's an immediate follow on from Mr. Grasso," he said.
Separately, Reed said a probe into the NYSE's specialist firms is "moving toward a resolution."