Thain named as NYSE chief executive

Goldman Sachs President, John Thain, has been named the new chief executive of the New York Stock Exchange.

Despite the US economic downturn, the Goldman Sachs firm has remained the global leader for mergers and acquisitions.

Thain, an employee of Goldman Sachs for 25 years, was responsible for the firm's trading business and is an advocate of electronic trading.

NYSE Interim Chairman John S. Reed described Thain as somebody who could look at the future.

The NYSE is a member-owned, not-for-profit group and lists nearly 2,800 companies including most of the largest US firms.

Thain will take office January 15, 2004.