NEW YORK: NYSE has announced that Margaret Tutwiler, the Bush administration figure responsible for the program to bolster the US' image in the Middle East, will join the exchange as EVP for communications and government relations, effective July 12th.
The exchange has been embroiled in a controversy over former chairman and CEO Richard Grasso's $197 million retirement package. Grasso retired in September of last year amid the high-profile controversy.
There were few details available about how this will effect the exchange's communication department, but a source within the NYSE said current communications chief Bob Zito, a Grasso appointee, was not consulted about Tutwiler's appointment and that Zito will leave the exchange after she takes the job. Zito declined to comment late Thursday on Tutwiler's appointment, but he did say he is speaking with CEO John Thain about employment opportunities.
Thain is a former CEO of Goldman Sachs.
Tutwiler, the US undersecretary of state for public diplomacy and public affairs, will be responsible for the NYSE's communications, advertising, marketing, and government relations, and will serve on the board of the NYSE Foundation.
Tutwiler, who assumed her position with the Bush administration in December 2003, will continue her government role through June 30.
Check back with PRWeek.com for updates on this and other stories.