By Meg Richards
The Associated Press

NEW YORK - The New York Stock Exchange went back to business without a chairman and without a hitch Thursday, amid questions about who would replace Dick Grasso and how much more upheaval the outrage over his colossal pay would cause.

The NYSE board reaffirmed its confidence in co-chief operating officers Robert G. Britz and Catherine R. Kinney, who are managing the exchange as directors search for a new leader.

But some critics insisted that Grasso's resignation Wednesday needed to be followed by a clean sweep of the boardroom.

"Anyone who continued to ignore the responsibilities they were elected to perform should resign immediately," said James K. Rutledge, a former NYSE floor broker, "beginning with the members of the compensation committee that originally constructed the disproportionate awards, as well as anyone who chose to support the chairman till the end."

There was much speculation about who would get the top job, but there was no front-runner.

Grasso, a charismatic figure who started out as a floor clerk in 1968 and was named to the NYSE's highest office in 1995, might not be easy to replace. Credited with transforming the exchange into a competitive, high-tech marketplace, he was highly regarded even as he was toppled by outrage over his $187.5 million pay package. The announcement that he would receive $139.5 million in accrued benefits and savings touched off the fury Aug. 27; he later declined $48 million more in vested funds.

H. Carl McCall, who assumed the role of lead director after Grasso resigned, said the board would meet again today to discuss succession plans.

Muriel Siebert, founder and CEO of her own discount brokerage, said she was relieved Grasso had stepped down so a sense of normalcy could be restored. But for the first time, she said, members are wondering why they have never seen the NYSE's financial statements or been involved in naming the board.

"When I started to think about it, when I looked at the board, I thought, 'You know, I wonder if they're as tough on their companies as they are on us?'" said Siebert, a seat holder since 1968. "Shouldn't we separate regulation from the other jobs?"