Paul Kolton
Encyclopedia
Paul Kolton was an American reporter, mystery writer and public relations executive who worked for the New York Stock Exchange
and became president and then chairman of the American Stock Exchange
despite having no prior experience as a stockbroker. As chairman, Kolton oversaw the introduction of options trading.
Born on June 1, 1923, as Paul Komisaruk, he later changed his surname to Kolton as a pen name
when he started mystery books. After growing up in Washington Heights, Manhattan
, he served in the United States Army
during World War II
. After completing his military service, he earned his undergraduate degree from the University of North Carolina at Chapel Hill
in 1943.
After working as a reporter for The Journal of Commerce
starting in 1946 and as an account executive for a number of advertising agencies, Kolton's first job on Wall Street came when he was hired by the public relations department at the New York Stock Exchange in 1955. He joined the American Stock Exchange in 1962 as its executive vice president. The Amex named him as its president in 1971, making him the first person to be selected from within the exchange to serve as its leader, succeeding Ralph S. Saul, who announced his resignation in March 1971. In November 1972 Kolton was named as the exchange's first CEO and the first salaried top executive of the exchange. Though the American Stock Exchange would ultimately be purchased by the NYSE in 2008, Kolton opposed the idea of a merger while he headed the exchange saying that "two independent, viable exchanges are much more likely to be responsive to new pressures and public needs than a single institution". Kolton announced in July 1977 that he would be leaving his position at the American Exchange in November of that year.
Following his departure from the American Stock Exchange, Kolton served as chair of an accounting standards advisory organization and as a corporate director.
A resident of Stamford, Connecticut
, Kolton died there, aged 87, on October 27, 2010 from lymphoma
. He was survived by is wife, the former Edith Fromme, as well as by a daughter, a son, five grandchildren and a great-grandson.
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
and became president and then chairman of the American Stock Exchange
American Stock Exchange
NYSE Amex Equities, formerly known as the American Stock Exchange is an American stock exchange situated in New York. AMEX was a mutual organization, owned by its members. Until 1953, it was known as the New York Curb Exchange. On January 17, 2008, NYSE Euronext announced it would acquire the...
despite having no prior experience as a stockbroker. As chairman, Kolton oversaw the introduction of options trading.
Born on June 1, 1923, as Paul Komisaruk, he later changed his surname to Kolton as a pen name
Pen name
A pen name, nom de plume, or literary double, is a pseudonym adopted by an author. A pen name may be used to make the author's name more distinctive, to disguise his or her gender, to distance an author from some or all of his or her works, to protect the author from retribution for his or her...
when he started mystery books. After growing up in Washington Heights, Manhattan
Washington Heights, Manhattan
Washington Heights is a New York City neighborhood in the northern reaches of the borough of Manhattan. It is named for Fort Washington, a fortification constructed at the highest point on Manhattan island by Continental Army troops during the American Revolutionary War, to defend the area from the...
, he served in the United States Army
United States Army
The United States Army is the main branch of the United States Armed Forces responsible for land-based military operations. It is the largest and oldest established branch of the U.S. military, and is one of seven U.S. uniformed services...
during World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
. After completing his military service, he earned his undergraduate degree from the University of North Carolina at Chapel Hill
University of North Carolina at Chapel Hill
The University of North Carolina at Chapel Hill is a public research university located in Chapel Hill, North Carolina, United States...
in 1943.
After working as a reporter for The Journal of Commerce
The Journal of Commerce
The Journal of Commerce is a weekly magazine published in the United States that focuses on trade topics. First published in 1827, the Journal has a circulation of approximately 15,000...
starting in 1946 and as an account executive for a number of advertising agencies, Kolton's first job on Wall Street came when he was hired by the public relations department at the New York Stock Exchange in 1955. He joined the American Stock Exchange in 1962 as its executive vice president. The Amex named him as its president in 1971, making him the first person to be selected from within the exchange to serve as its leader, succeeding Ralph S. Saul, who announced his resignation in March 1971. In November 1972 Kolton was named as the exchange's first CEO and the first salaried top executive of the exchange. Though the American Stock Exchange would ultimately be purchased by the NYSE in 2008, Kolton opposed the idea of a merger while he headed the exchange saying that "two independent, viable exchanges are much more likely to be responsive to new pressures and public needs than a single institution". Kolton announced in July 1977 that he would be leaving his position at the American Exchange in November of that year.
Following his departure from the American Stock Exchange, Kolton served as chair of an accounting standards advisory organization and as a corporate director.
A resident of Stamford, Connecticut
Stamford, Connecticut
Stamford is a city in Fairfield County, Connecticut, United States. According to the 2010 census, the population of the city is 122,643, making it the fourth largest city in the state and the eighth largest city in New England...
, Kolton died there, aged 87, on October 27, 2010 from lymphoma
Lymphoma
Lymphoma is a cancer in the lymphatic cells of the immune system. Typically, lymphomas present as a solid tumor of lymphoid cells. Treatment might involve chemotherapy and in some cases radiotherapy and/or bone marrow transplantation, and can be curable depending on the histology, type, and stage...
. He was survived by is wife, the former Edith Fromme, as well as by a daughter, a son, five grandchildren and a great-grandson.