A former New York Stock Exchange board member who helped approve former chairman Dick Grasso’s $187.5 million compensation package will finalize the sale of his seat on the exchange next week, the NYSE confirmed Tuesday.
Kenneth G. Langone, former chairman of the NYSE board’s compensation committee, will complete the sale of his membership on March 11, according to an NYSE publication. Sales prices are not listed, although a recent seat sold for $1.5 million.
A seat on the exchange permits the holder to trade stocks on the floor of the Big Board. Langone is currently chief executive of Invemed, an investment and brokerage firm. Calls to the company were not returned late Tuesday.
Langone, a founder of Home Depot Inc. and a longtime friend of Grasso, was criticized for his role in approving the former CEO’s mammoth compensation package. He was ousted from the board in November as it restructured in the wake of the Grasso scandal.
Invemed has also seen its share of troubles. Last year, the National Association of Securities Dealers charged Invemed with unlawful profit sharing in handling initial public offerings. The firm has denied the allegations, and the case is pending.