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October 7, 2008 2:58:20 PM CDT

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Niederauer Will Succeed Thain at Big Board

Posted Nov 14, 07 4:06 PM CST in Business 

(Newser) – Duncan Niederaurer, current co-COO and president of the New York Stock Exchange, is poised to replace John Thain as CEO of the Big Board, reports the Wall Street Journal.  Thain is expected to be named CEO of Merrill Lynch, replacing the departing Stan O'Neal. NYSE is expected to make an announcement later today.

Niederaurer joined the exchange only a few months ago after minting his rep as a trader for Goldman Sachs. His brief NYSE tenure has caused some to question if he has enough experience to lead the exchange, though insiders note that Niederaurer has lately been much more visible than Thain in dealing with floor trading issues.

Source Wall Street Journal

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In this photograph released by the New York Stock Exchange, Duncan Niederauer, the co-COO of NYSE Euronext is shown at the exchange on Wednesday, Nov. 14, 2007. Niederauer could be the next leader of...   (Associated Press)
CEO of the New York Stock Exchange John Thain is seen in Davos, Switzerland in this Jan. 29, 2005 file photo. Merrill Lynch & Co. has tapped Thain to lead the world's largest brokerage through the unfolding...   (Associated Press)
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