John Reed, former Citigroup Inc. chairman, was named interim chairman and chief executive last Sunday. Mr. Reed will be paid $1.00 for his services (no, that is not a typo). A special meeting of the NYSE Board was set for next Monday, but Reed is on vacation in France until late Monday, so the review on governance will most likely be delayed. There are a couple of pressing issues that John Reed will need to tackle.

Here are the major issues that John Reed will face immediately:

• Restoring credibility after Dick Grasso's pay was made public.
• Dealing with the specialists probe from the SEC. Allegations have been made the floor specialists firms have been involved in illegal activities.
• Helping with the chairman and CEO decision. Will he remain permanent and we he fill both rolls or will the roles be split up between two people.
• NYSE IPO. Before Grasso's pay was public, there were talks of the NYSE going public.