Grasso Goes, Reed is NYSE’s Quick Fix

Richard Grasso was recently ousted from his position as the chairman and chief executive of the New York Stock Exchange. Grasso, who started as a floor clerk at the exchange in 1968, said in a press release, "I have had the honor and privilege of working for what I believe is the greatest equities market in the world."

Over his 36-year tenure at the NYSE, Grasso held positions such as vice president of capital markets, president, chief operating officer and, for the past eight years, chairman and chief executive.

Industry participants credit Grasso for bringing an increased level of technology to the floor, while maintaining its model of human interaction.

Grasso's shoes will be temporarily filled by John Reed, who will serve as interim chairman and CEO until a permanent replacement is found.

Reed, who retired from his position of chairman and co-CEO of Citigroup in April 2000, is reportedly being paid the sum of $1 for his role as interim chief.