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Grasso got 5m for 911 leadership { September 10 2003 } Original Source Link: (May no longer be active)    http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1059479722387&p=1012571727088 http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1059479722387&p=1012571727088 Grasso got $5m bonus for '9/11 leadership' By Andrei Postelnicu and Vincent Boland in New York Published: September 10 2003 19:18 | Last Updated: September 11 2003 1:31 The New York Stock Exchange awarded its chairman Richard Grasso a special bonus of $5m to reflect his "sterling leadership" following the September 11 attacks taking his total 2001 pay to $30.5m, it emerged on Wednesday. Ken Langone, then chairman of the NYSE compensation committee, said the payment was "a very objective analysis of all the contributions he made". This included "his leadership through 9/11, the fact that the stock exchange was ready to open the very next day". The $5m was in addition to Mr Grasso's performance-related bonus of $16.1m. The level of this award was based partly on Mr Grasso's own evaluation of the exchange's performance. The board agreed the $5m even though Mr Grasso's 2001 package was already double the $13.4m average pay of Wall Street chief executives. Mr Langone, lead director of Home Depot, was appointed to the compensation committee on the recommendation of Mr Grasso, who also sits on Home Depot's board. Executive pay experts expressed surprise at the special payment. Brian Foley, an independent compensation consultant, said: "He got the extra $5m at a time when much of Wall Street was taking a terrific beating from declining markets." Details of the payment emerged as the NYSE released records relating to Mr Grasso's pay and meetings at which it was agreed. This followed a request by the Securities and Exchange Commission after the disclosure that changes to Mr Grasso's contract had resulted in a $139.5m lump-sum payment. Board minutes show that some NYSE directors, including Jürgen Schrempp, head of DaimlerChrysler, expressed concern about the changes. Mr Schrempp questioned whether extending the contract, and allowing Mr Grasso the $139.5m, would be "in the best interests of the exchange". Board minutes show Mr Grasso decided to forgo an additional $48m in previously undisclosed payments after some directors questioned whether they were appropriate. His decision required a last-minute change to the NYSE's response to the SEC.

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