Paul Kolton

Who was Paul Kolton?

Paul Kolton 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.

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.

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. 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.