TWELVE NOMINATED FOR ELECTION TO NEW YORK STOCK EXCHANGE
BOARD OF DIRECTORS; EXCHANGE MEMBERSHIP TO VOTE JUNE 4
NEW YORK, March 9 /PRNewswire/ -- The 1992 nominating committee of the New York Stock Exchange has named six new candidates and six current directors for election to the Exchange's board of directors.
All of the nominations are for two year terms on the board, which consists of 12 public members, 12 securities industry members and two NYSE officers. The Exchange's membership will vote on the nominations on June 4.
New Industry Candidates Nominated
The new candidates for industry representative are A. James Jacoby, managing partner, Asiel & Co.; Edgar D. Jannotta, managing partner, William Blair & Co.; William R. Johnston, senior managing director, LaBranche & Co.; and Michael D. Robbins, a commission broker.
The new industry candidates were nominated to replace Donald Stone, chairman, Merrill Lynch Specialists Inc. and vice chairman of the NYSE board; Benjamin F. Edwards III, chairman, president and CEO, A.G. Edwards, Inc.; James E. Moltz, chairman of the board and president, C.J. Lawrence, Inc.; and David V. Shields, managing director, Shields & Co. All were ineligible for re-election because they had served three consecutive terms, the maximum number permitted under the NYSE constitution.
Two Industry Directors Nominated for Re-Election
Nominated for re-election as industry representative were John S. Chalsty, president and CEO, Donaldson, Lufkin & Jenrette, Inc. and vice chairman of the NYSE board; and Philip J. Purcell, chairman and CEO, Dean Witter Financial Services Group, Inc.
New Public Candidates Nominated
The new candidates for public representative are Ralph S. Larsen, chairman and CEO, Johnson & Johnson; and Reuben Mark, chairman, president and CEO, Colgate-Palmolive Co.
The new public candidates were nominated to replace Laurence A. Tisch, chairman, president and CEO, CBS Inc.; and W. Clarke Wescoe, retired chairman, Sterling Drug Inc. Both had served three consecutive terms on the NYSE board, the maximum number permitted under the NYSE constitution.
Public Directors Nominated for Re-Election
Nominated for re-election as public representatives were Rand V. Araskog, chairman, president and CEO, ITT Corp.; John L. Clendenin, chairman of the board and CEO, BellSouth Corp.; Stanley C. Gault, chairman and CEO, The Goodyear Tire & Rubber Co.; and Martha Twitchell Muse, chairman of the board and president, The Tinker Foundation Inc.
Role of Nominating Committee
The nominating committee is comprised of eight members: four representatives of the securities industry and four public representatives.
The nominating committee is independent of the NYSE board of directors and the nominations of the committee are not approved by the board before being submitted to the membership for voting.
The constitution of the Exchange directs the committee to propose nominees who are committed to serving the interests of the public and strengthening the NYSE as a public securities market.
Directors are elected at the annual meeting of NYSE members held each year on the first Thursday in June. A majority of the NYSE's approximately 1,400 members is required to carry the elections.
/CONTACT: Ray Pellecchia, 212-656-2065, or Catherine Maroney, 212-656-8685/ CO: New York Stock Exchange ST: New York IN: FIN SU: PER SM -- NY076 -- 6538 03/09/92 16:13 EST