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McCall Resigns From NYSE Board

September 25, 2003

NEW YORK (AP) _ H. Carl McCall, caught up in the pay scandal that forced the resignation of New York Stock Exchange chairman Dick Grasso, stepped down from the board unexpectedly Thursday.

He was the first director to go since Grasso’s departure a week ago.

In a letter to the new interim chairman John Reed late Thursday, McCall said he hoped the business could ``move forward without being encumbered by the past.″ He said his resignation would take effect Monday.

A former New York State comptroller, McCall had been lead director of the NYSE since Grasso was ousted Sept. 17 because of outrage over a $187.5 million pay deal.

McCall had become chairman of the board’s compensation committee in June. It was the board’s announcement of a contract extension and disclosure of a huge payout of retirement and other savings to Grasso that prompted the public outcry.

In the two-page letter to Reed, McCall said he had tried to provide leadership to the exchange during the crisis.

McCall said he would stay on through the end of business Monday, so he could preside over a meeting where directors would hear public testimony and consider recommendations on how to improve the NYSE. Later that evening, he said he planned to present the recommendations to Reed.

He told Reed, the former co-chief executive of Citigroup Inc., that he was delighted to help bring in ``someone with your qualifications and reputation.″

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