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The Case Of Ceo Richard Grasso And The Nyse: Proposals For Controlling Executive Compensation At Public Nonprofit Corporations, Rachel Penski
The Case Of Ceo Richard Grasso And The Nyse: Proposals For Controlling Executive Compensation At Public Nonprofit Corporations, Rachel Penski
Vanderbilt Law Review
In August 2003, for the first time in its 200-year history, the New York Stock Exchange (NYSE) announced the compensation package for its Chairman and Chief Executive Officer. The NYSE's Board of Directors revealed in a press release that it had distributed $139.5 million in deferred compensation to its CEO Richard Grasso. This payment was in addition to a base salary of $1.4 million with an annual bonus of $1 million. Due to the Exchange's status as a nonprofit corporation, Grasso's payout "led to an outcry, as [his compensation was] more in line with what chief executives of public corporations …