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Article: New York Stock Exchange Records Show Former CEO Too Close to Board Members.
- Article from:
- Chicago Tribune (Chicago, IL)
- Article date:
- September 18, 2003
CopyrightCOPYRIGHT 2003 Chicago Tribune. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Andrew Countryman
Sep. 18--Former New York Stock Exchange Chairman Richard Grasso built a series of outside relationships with members of the exchange's compensation committee, whose sizeable pay awards on his behalf led to his downfall, a Tribune review of NYSE records show.
Corporate governance experts say such relationships amounted to potential conflicts of interest--and likely made members more willing to go along with Grasso's hefty compensation package.
The embattled chairman stepped down late Wednesday as outrage swelled over his $188 million accumulated compensation package and the exchange's governance.
The Tribune ...