Stocks seem hardly moved by news that New York Stock Exchange chairman and CEO Dick Grasso decided to step down last night amid controversy over his pay.

“For the past 36 years, I have had the honor and privilege of working for what I believe is the greatest equities market in the world — the New York Stock Exchange,” said Grasso. “Today, I shared with the board of directors in a conference call that, with the deepest reluctance and if the board so desired, I would submit my resignation as chairman and chief executive officer.”

The board voted 13-7 in favour of his resignation. “Dick offered to submit his resignation if the board requested, and the board did so and accepted that resignation,” said Carl McCall, who chaired the meeting and served as the lead director. “Every single director on our conversation discussed the great job that Dick has done as chairman and chief executive.”

“Throughout my career and on behalf of all exchange constituents, I have worked with great partners to build and enhance the value and brand of the NYSE. I look forward to supporting the board and the exchange in bringing about a smooth transition to a successor. I believe this course is in the best interests of both the exchange and myself,” Grasso added

With Grasso’s departure speculation as to his successor is high. The board will strike a search committee to find his replacement. Names bandied about include: investing guru Warren Buffett, former New York Fed chair Bill McDonough, former Fed chair Paul Volcker, former Treasury secretary Robert Rubin, and former SEC chief Arthur Levitt.

Larry Sonsini, an attorney, turned down an offer to be interim CEO. The NYSE board is still looking for one. And, in the meantime, the exchange’s co presidents, Robert Britz and Catherine Kinney, will oversee daily operations.

A new NYSE chief will likely have to tackle the firm’s governance structure, consider a separation of its regulatory arm, contemplate whether a trading floor is still necessary, and possibly reconsider an IPO, among other things.