Saturday, September 20, 2003

Business digest



From wire reports

N.Y. Stock exchange starts search for chief

NEW YORK - The New York Stock Exchange board named a search committee to find its next leader and discussed ways to reform itself Friday, as it began to navigate life after Dick Grasso.

At its first formal meeting since forcing its chairman and chief executive to resign Wednesday over a pay scandal, the board named Laurence Fink, CEO of investment group BlackRock Inc., to lead a committee to find Grasso's replacement. Fink did not return calls for comment.

Bush OKs deal on Global Crossing

WASHINGTON - President Bush on Friday allowed the sale of a majority stake in bankrupt Global Crossing Ltd. to a company owned by the Singapore government, a deal that had possible national security implications.

In a letter to congressional leaders, Bush said he would "take no action to suspend or prohibit the proposed 61.5 percent investment by Singapore Technologies Telemedia." The letter was accompanied by a classified report.

Motorola chairman resigns suddenly

CHICAGO - Christopher Galvin resigned Friday as chairman and chief executive of struggling Motorola Inc., ending an often-rocky six years at the helm of the telecommunications giant his grandfather founded 75 years ago.

Galvin, 53, cited differences with the board over the progress of the stalled turnaround at the world's No. 2 cell-phone manufacturer, which also is a top semiconductor maker.



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