As CEO and chairman of the New York Stock Exchange, Richard Grasso stepped down on September 2003, following weeks of intense public criticism over the size of his $190 million settlement package. As chairman of the committee that manage the payout of Grasso, Ken Langone considered firmly that the payment was fair and acceptable.
Ken Langone Member, GE Compensation Committee Case Solution
However, government regulators, NYSE members, and the media alike blamed its oversight on the board and viewed Langone as the mastermind behind the enormous payout of Grasso. Positions that were calls to oust Langone as manager from all his board came within days of Grasso's resignation. This case follows immediate backlash against the link this scandal had on his ultimate departure from General Electric's board of directors in addition to Langone over his role at the NYSE. Should Langone have resigned from GE's board?
PUBLICATION DATE: October 21, 2010 PRODUCT #: 111060-PDF-ENG
This is just an excerpt. This case is about FINANCE & ACCOUNTING
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