NYSE New CEO: John Reed

John Reed was appointed as the new chief executive and interim chairman of NYSE. He has been the chairman of the Citigroup Inc. before he moved to NYSE. The board of directors of NYSE decided to name Reed as its next CEO and in return to his services, he will receive $1.00. No, this is not a print mistake. Unfortunately, Mr. Reed was on a vacation during the meeting of the board of directors of NYSE. As a result, the review of the governance will be postponed for a later point in time.

Some of the basic issues that John Reed should fix after the replacement of Dick Grasso include the restoring of the reputation of the company and its trustworthiness. Other responsibilities include:

• CEO and chairman decision making assistance. Since Reed is temporary appointed to the position, his performance will play an important role in his future potential permanent nomination.
• NYSE IPO. Before the scandal with Grasso's unrealistic wage, there were discussions around the possibility of NYSE going public. Reed will have to participate in the potential transformation.
• Management of the further SEC investigations. Reed will have to deal with the SEC's investigations on the floor specialists firms that have been accused of illegal trades.

It is obvious that Reed has a lot of work in his new position and his responsibilities are mainly connected with the restoring of NYSE to its past reputable position.

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