Interim New York Stock Exchange Chairman John Reed and his board want to make the positions of chief executive officer and chairman separate, Securities and Exchange Commission Chairman William Donaldson said yesterday.
This morning, The New York Times reports that John Thain, president of Goldman Sachs, will be named CEO of the NYSE.
At an SEC meeting in Washington Wednesday, Donaldson said the move should put the NYSE "in a better position to protect against the concentration of too much executive authority in one individual." The meeting was expected to render a plan that would reform the Big Board, including forcing more independence on the exchanges board of directors.
One of the other proposals was the creation of an independent regulatory board for the NYSE.
Donaldson was congratulatory to Reed on the work he has done since taking over as interim head of the post-Grasso Big Board. He said the new reforms would help advance the NYSE even more.
"The proposed changes to the NYSE constitution represent a significant step forward in meaningful reform of the NYSE's governance structure and the transparency of its governance processes," Donaldson said.