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New York Stock Exchange Chairman Resigns - 2003-09-18

The chairman of the New York Stock Exchange, Richard Grasso, has resigned Wednesday amid increasing scrutiny over his $140 million salary.

Mr. Grasso submitted his resignation as New York Stock Exchange board directors were holding an emergency meeting to decide his future. Pressure has been mounting for Mr. Grasso step down in recent days.

Some industry leaders and politicians have said revelations of his exorbitant pay package eroded investor confidence in how the stock market is run.

News of Mr. Grasso's $140 million compensation package came on the heels of several recent high-profile stock market scandals, and made his position untenable.

Mr. Grasso held the post for eight years. Larry Sonsini, a CEO of a San Francisco law firm, has been named interim chairman.