Schrempp resigns from NYSE board

[dArKeR]

Frankfurt — Daimler-Chrysler AG's chairman and chief executive, Juergen Schrempp, is leaving the New York Stock Exchange's board of directors following the salary furor involving Dick Grasso, a spokesman for the auto giant said Sunday.

Mr. Schrempp becomes the second director to leave the board, which has been under pressure to reform its governance practices since the disclosure of Mr. Grasso's $187.5-million (U.S.) pay package sparked public condemnation.

On Thursday, lead director Carl McCall announced his resignation from the board. Mr. McCall, an NYSE board member since June 1999 and chairman of the compensation committee for the last three months, has said he was not aware of important details of Mr. Grasso's compensation. Mr. Schrempp also was on the committee, and questioned the pay package.

http://theglobeandmail.com/servlet/story/RTGAM.20030929.wnyse0929/BNStory/Business/

[SayitAintSo]

1. A necessary House Cleaning ....

[gandalf]

2. Schrempp likes money (if it comes as a salary to him)

Before he initiated the "merger of equals" with Chrysler, executed by Goldman Sachs, he earned an estimated 1.5 million Euro. After the merger he received a total salary (including stock options) according to estimations, around 10 million Euro.
Is it unfair to assume that his personal career ambitions could have influenced his "strategic considerations"?

Probably he was not the right man to establish ethics and integrity in the business world when it comes to salaries.

[tabasco]

3. Schrempp resigns?

What about Shmoe, Churley, and Leery?
Sorry.

[realFedUp]

4. lol

ok, I laughed.

[UpInArms]

5. NYSE executive Ugeux resigns from the exchange

http://www.signonsandiego.com/news/business/20030929-0718-financial-nyse-ugeux.html

NEW YORK – New York Stock Exchange Senior Managing Director Georges Ugeux has resigned from the exchange and will become chairman of his own consulting company, the executive said Monday.

Ugeux, a Belgian national who joined the exchange in 1996, headed the NYSE's international listings business until December when he was succeeded by Bryant W. Seaman III. Ugeux said he stayed on at the exchange to help non- U.S. listed companies comply with the Sarbanes-Oxley corporate governance law.

Ugeux told Reuters his departure was not related to the recent resignation of ousted chairman Richard Grasso, rather he said he told Grasso last year that he wanted to focus on personal interests, such as consulting, academic education and public speaking.

...more...

gee - will there be a NYSE board in the weeks to come???

stay tuned, same bat place, same bat time...