The New York Stock Exchange named Marshall Carter, the former head of institutional investor State Street Corp., as its chairman. Carter, 64, succeeds John S. Reed in that capacity. Reed, the former chairman of Citigroup, had headed the exchange after the rocky departure of Richard Grasso some 18 months ago. Grasso was forced out following a firestorm of controversy over an exorbitant pay package in the neighborhood of $140 million. Carter rang the exchange's opening bell April 8. He will share leadership duties at the NYSE with the exchange's chief executive, John Thain. Carter comes aboard at a time when the exchange is seeking regulatory approval to create a "hybrid" market featuring both electronic trading and the more traditional floor trading by brokers. A graduate of West Point and a former Marine who served in Vietnam, Carter also was a White House fellow at the State Department in the mid-1970s.

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