Since 1995, Dick Grasso maintained a tight hold on the New York Stock Exchange. He oversaw all decisions from the helm. He also influenced the naming of all the directors, including the board’s compensation committee which approved his 140 million-dollar compensation package last month.

The Stock Exchange chief had been facing mounting public fury over the news of his 140 million-dollar pay package, outraging investors and politicians alike. Yesterday, leaders of four big pension funds called for him to step down. Today, he caved in to those calls and resigned.

Click the “Listen” link to hear about the issues that prompted Dick Grasso’s resignation and the future of executive pay in America.

Guests:

Krishna Palepu, Professor of Business Administration and Senior Associate Dean of Research at the Harvard Business School

Phil Angelides, California State Treasurer, sits on the boards of the California Public Employees’ Retirement System and the California State Teachers’ Retirement System;