- The Washington Times - Friday, October 10, 2003

NEW YORK (AP) — Top two executives at the New York Stock Exchange are owed $22 million each when they retire, the NYSE’s interim leader said yesterday, delivering on a promise of greater openness following former Chairman Dick Grasso’s resignation.

While the pay for co-Chief Operating Officers Robert G. Britz and Catherine R. Kinney was nowhere near the $187 million package that forced out Mr. Grasso, John S. Reed said it was set with the same criteria.

The NYSE revealed pay data dating back to 1998 for Mr. Britz, Ms. Kinney and four other executives.

“Contrary to the rumor, there are less than 12 people earning more than $1 million per year,” Mr. Reed wrote in a letter to exchange members.

Critics were pleased the information was made public, but said the lavish sums were further proof the exchange needed to re-examine its practices.

“The salary that these folks are earning is so enormous, I think there needs to be some clear explanation of why it has to be that large,” said Kentucky Treasurer Jonathan Miller.

Mr. Britz, 52, and Ms. Kinney, 50, received the highest total compensation in 2002, according to documents accompanying the release. Mr. Britz earned $3.77 million in salary, bonus and other compensation, and Ms. Kinney earned $3.76 million.

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