Its reputation recently damaged by charges of mismanagement, in 1962 the American Stock Exchange named Edwin Etherington its president. Writes CNN, he and executive vice president Paul Kolton were "tapped in 1962 to clean up and reinvigorate the scandal-plagued American Stock Exchange."
In 1962, the American Stock Exchange faced criticism for its management practices. To address these issues, they appointed Edwin Etherington as president and Paul Kolton as executive vice president. CNN reported that their goal was to restore the exchange's reputation and improve its operations.