Eight in running for NYSE board

JOHN Reed, interim chairman of the New York Stock Exchange, has named eight candidates for the independent board he proposes.

They include Madaleine Albright, a former Secretary of State and one of the few members of the old NYSE board to be put up for renewal.

The board was discredited for awarding former chairman Dick Grasso a $140m pay package. Herbert Allison, chairman of giant pension fund TIAA-CREF, is also a nominee.

Exchange members have until 18 November to comment on Reed's reform plan, which includes splitting the board into a panel of executive directors and a regulatory board of independent directors from outside the industry.

The new board will decide whether to split the roles of chairman and chief executive. Many believe the combined post contributed to conflicts of interest.