NYSE chair says reforms precede board changes

WASHINGTON -- The man who temporarily is leading the embattled New York Stock Exchange insisted Monday that it should be reformed before the makeup of the exchange's board is changed.

John S. Reed, who was meeting with Securities and Exchange Commission Chairman William Donaldson, denied a news report that he was expected to seek the removal of Wall Street chief executives from the board to reduce potential conflicts of interest.

Any alterations in board membership "should follow from the governance changes" in how the NYSE conducts itself, Reed said in his first day on the job.

Reed spoke to reporters before his meeting with Donaldson, who has been pushing for reforms by the exchange.

"I have given no thought to the composition of the board," Reed said.

"He said a report to the contrary "has zero foundation from me."