This case is available in only hard copy format (HBP does not have digital distribution rights to the content). As a result, a digital Educator Copy of the case is not available through this web site. In 2003, the New York Stock Exchange faces heated controversy over the pay of Chairman Richard Grasso. Traces Grasso's development and his success serving stakeholders while transforming operations at the world's largest exchange. Describes how Grasso's compensation and the NYSE's governance structure come under attack. Raises questions in the mind of the deeply split board of directors about stakeholder influence, corporate governance practices, performance and compensation, and retention of a high-performing-turned-controversial chief executive.