Paul Kolton (June 1, 1923 – October 27, 2010) was an American reporter, mystery writer and public relations executive who worked for the

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its liste ...

and became president and then chairman of the

American Stock Exchange NYSE American, formerly known as the American Stock Exchange (AMEX), and more recently as NYSE MKT, is an American stock exchange situated in New York City. AMEX was previously a mutual organization, owned by its members. Until 1953, it was know ...

despite having no prior experience as a stockbroker. As chairman, Kolton oversaw the introduction of

options trading In finance, an option is a contract which conveys to its owner, the ''holder'', the right, but not the obligation, to buy or sell a specific quantity of an underlying asset or instrument at a specified strike price on or before a specified da ...

Early life and education

Born on June 1, 1923, as Paul Komisaruk, he later changed his surname to Kolton as a

pen name A pen name, also called a ''nom de plume'' or a literary double, is a pseudonym (or, in some cases, a variant form of a real name) adopted by an author and printed on the title page or by-line of their works in place of their real name. A pen na ...

when he started mystery books. After growing up in

Washington Heights, Manhattan Washington Heights is a neighborhood in the uppermost part of the New York City borough of Manhattan. It is named for Fort Washington, a fortification constructed at the highest natural point on Manhattan by Continental Army troops to defen ...

, he served in the

United States Army The United States Army (USA) is the land service branch of the United States Armed Forces. It is one of the eight U.S. uniformed services, and is designated as the Army of the United States in the U.S. Constitution.Article II, section 2, ...

during

World War II World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the World War II by country, vast majority of the world's countries—including all of the great power ...

. After completing his military service, he earned his undergraduate degree from the

University of North Carolina at Chapel Hill A university () is an institution of higher (or tertiary) education and research which awards academic degrees in several academic disciplines. Universities typically offer both undergraduate and postgraduate programs. In the United State ...

in 1943.Kaplan, Thomas
"Paul Kolton, Who Led the American Stock Exchange, Dies at 87"
''

The New York Times ''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid ...

'', October 29, 2010.

Career

Reporting and NYSE

After working as a reporter for ''

The Journal of Commerce ''The Journal of Commerce'' is a biweekly magazine published in the United States that focuses on global trade topics. First published in 1827 in New York, it has a circulation of approximately 15,000. It provides editorial content to manage da ...

'' 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.Robards, Terry
"New Chairman of Amex; Paul Kolton"
''

'', July 28, 1972. Accessed October 30, 2010.

AMEX

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.via Dow Jones
"Paul Kolton leaving Amex"
''

Pittsburgh Press ''The Pittsburgh Press'' (formerly ''The Pittsburg Press'' and originally ''The Evening Penny Press'') was a major afternoon daily newspaper published in Pittsburgh, Pennsylvania, from 1884 to 1992. At one time, the ''Press'' was the second larg ...

'', July 17, 1977. Accessed October 30, 2010. Following his departure from the American Stock Exchange, Kolton served as chair of an accounting standards advisory organization and as a corporate director.

Personal life

A resident of

Stamford, Connecticut Stamford () is a city in the U.S. state of Connecticut, outside of Manhattan. It is Connecticut's second-most populous city, behind Bridgeport. With a population of 135,470, Stamford passed Hartford and New Haven in population as of the 202 ...

, Kolton died there, aged 87, on October 27, 2010, from

lymphoma Lymphoma is a group of blood and lymph tumors that develop from lymphocytes (a type of white blood cell). In current usage the name usually refers to just the cancerous versions rather than all such tumours. Signs and symptoms may include en ...

. He was survived by his wife, the former Edith Fromme, as well as by a daughter, a son, five grandchildren and a great-grandson.

References

{{DEFAULTSORT:Kolton, Paul 1923 births 2010 deaths United States Army personnel of World War II American mystery writers Novelists from Connecticut Writers from Manhattan Deaths from cancer in Connecticut Deaths from lymphoma People from Washington Heights, Manhattan United States Army soldiers University of North Carolina at Chapel Hill alumni American male novelists 20th-century American novelists 20th-century American male writers Novelists from New York (state)