NYSE search begins

The New York Stock Exchange board named a search committee to find its next leader and discussed ways to reform itself Friday, as it began to navigate life after Dick Grasso.

In its first order of business since forcing its chief executive to resign over a pay scandal, the board named Laurence Fink, CEO of investment group BlackRock Inc., to lead a committee to find Grasso’s replacement.

The NYSE’s directors are considering sweeping changes following the uproar over Grasso’s lavish compensation, including a proposal from one board member that calls for all brokerage industry insiders to step down.

Investigation

Drug giant faces rebate scam charges

Shares of AmerisourceBergen Corp. fell more than 3 percent Friday after a report that the nation’s largest drug wholesaler was the target of a federal investigation involving rebates from drug manufacturers.

The Wall Street Journal reported that the Food and Drug Administration and the FBI were investigating whether the company engaged in a scheme to illegally generate multiple rebates from drug manufacturers on the same product. Officials at the Valley Forge, Pa.-based company asserted Friday that AmerisourceBergen had done nothing illegal.

Entertainment

Merger rumors swirl around Blockbuster

Shares of Blockbuster Inc. jumped Friday after a report that the video-rental giant is in the early stages of talks about a possible merger with Columbia House, the mail-order music and movie retailer.

The Wall Street Journal, citing people familiar with the matter, reported that the idea of a merger had emerged in recent weeks.

Telecommunications Motorola CEO resigns

Christopher Galvin resigned Friday as chairman and chief executive of struggling Motorola Inc., ending an often-rocky six years at the helm of the telecommunications giant his grandfather founded 75 years ago.

Galvin, 53, cited differences with the board over the progress of the stalled turnaround at the world’s No. 2 cell-phone manufacturer. He has agreed to stay on until a successor is named, the company said.