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1-min read

For The First Time in 226 Years, a Woman to Lead The New York Stock Exchange

Stacey Cunningham, who started her career as a floor clerk on the NYSE trading floor, will become the 67th president of the Big Board.

Agencies

Updated:May 22, 2018, 9:10 PM IST
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For The First Time in 226 Years, a Woman to Lead The New York Stock Exchange
Stacey Cunningham will be the New York Stock Exchange's (NYSE) first woman president. (REUTERS/Brendan Mcdermid)
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New York: The New York Stock Exchange for the first time in its 226-year history will be led by a woman. Stacey Cunningham, who started her career as a floor clerk on the NYSE trading floor, will become the 67th president of the Big Board.

Cunningham, who is the chief operating officer for the NYSE Group, becomes president Friday. Current NYSE President Thomas Farley, is leaving to head a special purpose acquisition company.

Cunningham became NYSE's chief operating officer in June 2015 and managed the company's cash equities markets, relationship management, product management, and NYSE governance services.

Farley will take up a new role as the head of Far Point, a new special-purpose acquisition company, or SPAC, backed by Daniel Loeb's hedge-fund firm Third Point LLC, WSJ reported.

Reuters reported earlier this month that Third Point was in talks with investment banks about launching a "blank check" company that would raise money in an initial public offering to pursue an acquisition.

The new investment vehicle would be the first of its kind to be raised by an activist hedge fund such as Third Point.

The historically male-dominated financial industry has grappled with its own issues tied to the #MeToo movement.

Last month it was announced that the "Fearless Girl" statue, which has become a global symbol of female business prowess, will be moved from her spot staring down Wall Street's bronze "Charging Bull" to a new home facing the New York Stock Exchange.

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