Richard Grasso, the high profile chairman of the New York Stock Exchange, resigned late on Wednesday following the uproar over his huge $139.5-million pay package.

Reports said that lawyer and NYSE board member Larry Sonsini will be the interim replacement for Grasso.

The NYSE board met in an emergency meeting to decide on the future course of action in the wake of Grasso's resignation.

The board has also accepted his resignation.

Grasso had been facing flak ever since it was revealed that he had bagged a lump sum salary of $139.5 million while running the world's richest financial market. The windfall was made up of accumulated retirement benefits, other deferred income and incentives.

His 36-year-old career at NYSE lay in tatters as aspersions were cast on him saying he had made too much money. Big American pension funds demanded that he step down and pressure began to build up further. Reports say that these powerful funds also brought pressure upon Grasso through political lobbies.