Newswire

UPDATE 1-NYSE executive Ugeux latest to resign

(Recasts first paragraph, updates with details of Ugeux's departure, adds background)

NEW YORK, Sept 29 (Reuters) - Georges Ugeux, a senior managing director at the New York Stock Exchange, on Monday became the latest high-level executive to announce his departure, following the resignation of Chairman Richard Grasso earlier this month.

Ugeux has resigned from the exchange, effective Tuesday, and will concentrate on being chairman and CEO of his consulting company, Galileo Global Advisors LLC, he told Reuters on Monday. An NYSE spokesman confirmed the resignation.

Other NYSE resignations have come from H. Carl McCall, lead director and head of the compensation committee; and board member Juergen Schrempp, chairman of car giant DaimlerChrysler . Frank Ashen, an NYSE executive vice president closely involved with the details of Grasso's compensation package, is retiring as of Oct. 1.

Ugeux, a Belgian national who joined the exchange in 1996, headed up the NYSE's international listings business until December when he was succeeded by Bryant Seaman III. Ugeux said he stayed on at the exchange to help non-U.S. listed companies comply with the Sarbanes-Oxley corporate governance law.

His departure will become effective two weeks after Grasso resigned under a firestorm of criticism sparked following the NYSE's disclosure that he was entitled to $188 million in deferred compensation and additional benefits. Grasso said he would forgo $48 million in additional benefits, but he took home a $140 million payout.

Ugeux told Reuters his departure was not related to Grasso's departure. He said he told Grasso last year that he wanted to focus on personal interests, such as consulting, academic education and public speaking.

"(My resignation) just happened to coincide with the events, which is very unfortunate," he said.

Last week McCall, who led the exchange briefly after Grasso resigned, said he, too, would step down to allow interim Chairman and Chief Executive John Reed to "be free to do whatever is necessary to restore the integrity of the NYSE."