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{{short description|American writer}}
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'''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]] 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]].
{{Infobox person
| name = Paul Kolton<!-- include middle initial, if not specified in birth_name -->
| birth_name = Paul Komisaruk
| birth_date = {{Birth date|1923|06|01}}
| birth_place =
| death_date = {{Death date and age|2010|10|27|1923|06|01}}
| death_place = [[Stamford, Connecticut]]
| resting_place =
| resting_place_coordinates = <!-- {{coord|LAT|LONG|type:landmark|display=inline}} -->
| burial_place = <!-- may be used instead of resting_place and resting_place_coordinates (displays "Burial place" as label) -->
| burial_coordinates = <!-- {{coord|LAT|LONG|type:landmark|display=inline}} -->
| nationality = American
| other_names =
| title = CEO of [[American Express|AMEX]]
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| term = 1972-1977
| predecessor = Position created
| successor =
| party =
| boards =
| spouse = <!-- Use article title or common name -->
| relatives =
| callsign =
| awards =
| website = <!-- {{URL|example.com}} -->
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}}
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'''Paul Kolton''' (June 1, 1923 &ndash; October 27, 2010) was an American reporter, mystery writer and public relations executive. He worked for the [[New York Stock Exchange]] before becoming president and later chairman of the [[American Stock Exchange]], despite having no prior experience as a stockbroker. As chairman, Kolton oversaw the introduction of [[options trading]].


==Early life and education==
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.<ref name=NYTObit>Kaplan, Thomas. [http://www.nytimes.com/2010/10/30/business/30kolton.html "Paul Kolton, Who Led the American Stock Exchange, Dies at 87"], ''[[The New York Times]]'', October 29, 2010.</ref>
Born on June 1, 1923, as '''Paul Komisaruk''', he later adopted the surname Kolton as a [[pen name]] when he began writing mystery books. Raised in [[Washington Heights, Manhattan]], Kolton served in the [[United States Army]] during [[World War II]]. After completing his military service, he earned an undergraduate degree from the [[University of North Carolina at Chapel Hill]] in 1943.<ref name=NYTObit>Kaplan, Thomas. [https://www.nytimes.com/2010/10/30/business/30kolton.html "Paul Kolton, Who Led the American Stock Exchange, Dies at 87"], ''[[The New York Times]]'', October 29, 2010.</ref>


==Career==
⚫
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.<ref name=NYT1972>Robards, Terry. [http://select.nytimes.com/gst/abstract.html?res=F70E15FE3859107B93CAAB178CD85F468785F9 "New Chairman of Amex; Paul Kolton"], ''[[The New York Times]]'', July 28, 1972. Accessed October 30, 2010.</ref> 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.<ref>Rustin, Richard E. [http://pqasb.pqarchiver.com/djreprints/access/109875724.html?dids=109875724:109875724&FMT=ABS&FMTS=ABS:AI&type=historic&date=May+14%2C+1971&author=&pub=Wall+Street+Journal&desc=American+Board+Panel+Seen+Recommending+Kolton%2C+No.+2+Man%2C+as+Successor+to+Saul&pqatl=google "American Board Panel Seen Recommending Kolton, No. 2 Man, as Successor to Saul"], ''[[The Wall Street Journal]]'', May 14, 1971. Accessed October 30, 2010.</ref><ref name=NYTObit/> In November 1972 Kolton was named as the exchange's first CEO and the first salaried top executive of the exchange.<ref>Staff. [http://pqasb.pqarchiver.com/djreprints/access/104598030.html?dids=104598030:104598030&FMT=ABS&FMTS=ABS:AI&type=historic&date=Nov+03%2C+1972&author=&pub=Wall+Street+Journal&desc=Amex+Formally+Elects+Paul+Kolton+as+Chairman%2C+Chief+Executive+Officer&pqatl=google "Amex Formally Elects Paul Kolton as Chairman, Chief Executive Officer"], ''[[The Wall Street Journal]]'', November 3, 1972. Accessed October 30, 2010.</ref> 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".<ref name=NYTObit/> Kolton announced in July 1977 that he would be leaving his position at the American Exchange in November of that year.<ref>via [[Dow Jones]]. [http://news.google.com/newspapers?id=fDAcAAAAIBAJ&sjid=ElgEAAAAIBAJ&dq=paul-kolton&pg=3730%2C245016 "Paul Kolton leaving Amex"], ''[[Pittsburgh Press]]'', July 17, 1977. Accessed October 30, 2010.</ref>
===Reporting and NYSE===
After working as a reporter for ''[[The Journal of Commerce]]'' starting in 1946 and serving as an account executive at several advertising agencies, Kolton's first Wall Street job came in 1955 when he was hired by the public relations department at the New York Stock Exchange.<ref name=NYT1972>Robards, Terry. [https://www.nytimes.com/1972/07/28/archives/new-chairman-of-amex-paul-kolton.html "New Chairman of Amex; Paul Kolton"], ''[[The New York Times]]'', July 28, 1972. Accessed October 30, 2010.</ref>

===AMEX===
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He joined the American Stock Exchange in 1962 as its executive vice president. In 1971, he was appointed president the Amex, making him the first person to be selected from within the exchange to serve as its leader, succeeding Ralph S. Saul, who resigned in March 1971.<ref name=NYTObit/><ref>Rustin, Richard E. [https://web.archive.org/web/20120112005455/http://pqasb.pqarchiver.com/djreprints/access/109875724.html?dids=109875724:109875724&FMT=ABS&FMTS=ABS:AI&type=historic&date=May+14%2C+1971&author=&pub=Wall+Street+Journal&desc=American+Board+Panel+Seen+Recommending+Kolton%2C+No.+2+Man%2C+as+Successor+to+Saul&pqatl=google "American Board Panel Seen Recommending Kolton, No. 2 Man, as Successor to Saul"], ''[[The Wall Street Journal]]'', May 14, 1971. Accessed October 30, 2010.</ref> In November 1972, Kolton was named the exchange's first CEO and the first salaried top executive.<ref>Staff. [https://web.archive.org/web/20120112034306/http://pqasb.pqarchiver.com/djreprints/access/104598030.html?dids=104598030:104598030&FMT=ABS&FMTS=ABS:AI&type=historic&date=Nov+03%2C+1972&author=&pub=Wall+Street+Journal&desc=Amex+Formally+Elects+Paul+Kolton+as+Chairman%2C+Chief+Executive+Officer&pqatl=google "Amex Formally Elects Paul Kolton as Chairman, Chief Executive Officer"], ''[[The Wall Street Journal]]'', November 3, 1972. Accessed October 30, 2010.</ref> Although the American Stock Exchange was eventually purchased by the New York Stock Exchange (NYSE) in 2008, Kolton opposed the idea of a merger during his tenure, stating that "two independent, viable exchanges are much more likely to be responsive to new pressures and public needs than a single institution".<ref name=NYTObit/> Kolton announced in July 1977 that he would be stepping down from his position at the American Exchange in November of that year.<ref>via [[Dow Jones & Company|Dow Jones]]. [https://news.google.com/newspapers?id=fDAcAAAAIBAJ&sjid=ElgEAAAAIBAJ&dq=paul-kolton&pg=3730%2C245016 "Paul Kolton leaving Amex"], ''[[Pittsburgh Press]]'', July 17, 1977. Accessed October 30, 2010.</ref>


Following his departure from the American Stock Exchange, Kolton served as chair of an accounting standards advisory organization and as a corporate director.<ref name=NYTObit/>
Following his departure from the American Stock Exchange, Kolton served as chair of an accounting standards advisory organization and as a corporate director.<ref name=NYTObit/>


==Personal life==
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.<ref name=NYTObit/>
A resident of [[Stamford, Connecticut]], Kolton passed away there on October 27, 2010, at the age of 87, from [[lymphoma]]. He was survived by his wife, the former Edith Fromme, as well as a daughter, a son, five grandchildren and a great-grandson.<ref name=NYTObit/>


==References==
==References==
{{Reflist}}
{{Reflist}}


{{authority control}}
{{Persondata <!-- Metadata: see [[Wikipedia:Persondata]]. -->

⚫
| NAME = Kolton, Paul
| ALTERNATIVE NAMES =
| SHORT DESCRIPTION = American writer
| DATE OF BIRTH = June 1, 1923
| PLACE OF BIRTH =
| DATE OF DEATH = October 27, 2010
| PLACE OF DEATH =
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}}
{{DEFAULTSORT:Kolton, Paul}}
{{DEFAULTSORT:Kolton, Paul}}
[[Category:1923 births]]
[[Category:1923 births]]
[[Category:2010 deaths]]
[[Category:2010 deaths]]
[[Category:American military personnel of World War II]]
[[Category:United States Army personnel of World War II]]
[[Category:American mystery writers]]
[[Category:American mystery writers]]
[[Category:Writers from Connecticut]]
[[Category:Novelists from Connecticut]]
[[Category:Writers from New York City]]
[[Category:Writers from Manhattan]]
[[Category:Cancer deaths in Connecticut]]
[[Category:Deaths from cancer in Connecticut]]
[[Category:Deaths from lymphoma]]
[[Category:Deaths from lymphoma in the United States]]
[[Category:People from Washington Heights, Manhattan]]
[[Category:People from Washington Heights, Manhattan]]
[[Category:United States Army soldiers]]
[[Category:United States Army soldiers]]
[[Category:University of North Carolina at Chapel Hill alumni]]
[[Category:University of North Carolina at Chapel Hill alumni]]
[[Category:American male novelists]]
[[Category:20th-century American novelists]]
[[Category:20th-century American male writers]]
[[Category:Novelists from New York (state)]]

Latest revision as of 10:15, 21 October 2024

Paul Kolton
Born
Paul Komisaruk

(1923-06-01)June 1, 1923
DiedOctober 27, 2010(2010-10-27) (aged 87)
Stamford, Connecticut
NationalityAmerican
TitleCEO of AMEX
Term1972-1977
PredecessorPosition created

Paul Kolton (June 1, 1923 – October 27, 2010) was an American reporter, mystery writer and public relations executive. He worked for the New York Stock Exchange before becoming president and later chairman of the American Stock Exchange, despite having no prior experience as a stockbroker. As chairman, Kolton oversaw the introduction of options trading.

Early life and education

[edit]

Born on June 1, 1923, as Paul Komisaruk, he later adopted the surname Kolton as a pen name when he began writing mystery books. Raised in Washington Heights, Manhattan, Kolton served in the United States Army during World War II. After completing his military service, he earned an undergraduate degree from the University of North Carolina at Chapel Hill in 1943.[1]

Career

[edit]

Reporting and NYSE

[edit]

After working as a reporter for The Journal of Commerce starting in 1946 and serving as an account executive at several advertising agencies, Kolton's first Wall Street job came in 1955 when he was hired by the public relations department at the New York Stock Exchange.[2]

AMEX

[edit]

He joined the American Stock Exchange in 1962 as its executive vice president. In 1971, he was appointed president the Amex, making him the first person to be selected from within the exchange to serve as its leader, succeeding Ralph S. Saul, who resigned in March 1971.[1][3] In November 1972, Kolton was named the exchange's first CEO and the first salaried top executive.[4] Although the American Stock Exchange was eventually purchased by the New York Stock Exchange (NYSE) in 2008, Kolton opposed the idea of a merger during his tenure, stating that "two independent, viable exchanges are much more likely to be responsive to new pressures and public needs than a single institution".[1] Kolton announced in July 1977 that he would be stepping down from his position at the American Exchange in November of that year.[5]

Following his departure from the American Stock Exchange, Kolton served as chair of an accounting standards advisory organization and as a corporate director.[1]

Personal life

[edit]

A resident of Stamford, Connecticut, Kolton passed away there on October 27, 2010, at the age of 87, from lymphoma. He was survived by his wife, the former Edith Fromme, as well as a daughter, a son, five grandchildren and a great-grandson.[1]

References

[edit]
  1. ^ a b c d e Kaplan, Thomas. "Paul Kolton, Who Led the American Stock Exchange, Dies at 87", The New York Times, October 29, 2010.
  2. ^ Robards, Terry. "New Chairman of Amex; Paul Kolton", The New York Times, July 28, 1972. Accessed October 30, 2010.
  3. ^ Rustin, Richard E. "American Board Panel Seen Recommending Kolton, No. 2 Man, as Successor to Saul", The Wall Street Journal, May 14, 1971. Accessed October 30, 2010.
  4. ^ Staff. "Amex Formally Elects Paul Kolton as Chairman, Chief Executive Officer", The Wall Street Journal, November 3, 1972. Accessed October 30, 2010.
  5. ^ via Dow Jones. "Paul Kolton leaving Amex", Pittsburgh Press, July 17, 1977. Accessed October 30, 2010.
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