The two chief lieutenants of ousted New York Stock Exchange chief, Richard Grasso, will receive $22-million on their retirement in addition to earnings of about $13-million each over the past five years, it was disclosed yesterday.
The earnings of Robert Britz and Catherine Kinney pale in comparison to the $188-million payment accumulated by Grasso during his 36 years at the exchange — but they could be big enough to provoke further unease.
Grasso was forced out last month amid intense criticism of the size of his compensation package.
The NYSE agreed in June to begin publishing the earnings of its top five executives, beginning in the next annual report. Interim chairman John Reed decided to bring the disclosure forward to offer more transparency at the exchange and restore the confidence of investors and members.
Another executive at the exchange, William Johnston — billed as a senior adviser — has earned almost $23-million in the same period and is eligible for a retirement windfall of nearly $7-million.
Vice-president Richard Edgar is due for a $9-million payout.
In an open letter to members of the exchange, Reed said the numbers “reflect the same process and programmes that underlie Grasso’s compensation”. Contrary to rumours, he said, fewer than 12 people at the exchange earn more than $1-million a year.
Britz (52) is a 30-year veteran of the exchange and Kinney (50) has worked at the NYSE for 28 years.
They share the title of president and co-chief operating officer. Last year, each was paid a salary of $750 000, a bonus of just under $2-million and nearly $1-million in savings plans.