Duncan L. Niederauer did not take the role of CEO at NYSE Euronext, the world's largest exchange group, to collect a regular paycheck and mingle with government officials across the globe. When he left Goldman, Sachs & Co. in early 2007, he saw the chance to take what he had learned in 22 years at a company known for its technological prowess and apply it to the NYSE, an institution founded in 1792. Transforming the business model of an iconic institution rooted in the eighteenth century to compete globally in the twenty-first century was no small feat. "The velocity of change was like nothing they'd ever seen," Niederauer says.

On September 2, 2009, the day that Goizueta Business School became the first college or university to host the NYSE Euronext's closing bell ceremony, Niederauer joined Dean Larry Benveniste for a candid, student-only Q&A session that focused on leading through transformational change, the road less traveled, government regulation of financial markets, and the value of being oneself. (See video)

When Benveniste described Niederauer as a "no-nonsense guy," Niederauer agreed and explained that his transition from Goldman—and his more private, low-profile existence—to the head of one of the most public institutions in the world did take a bit of adjustment. "We're all cut differently. You have to be real," Niederauer tells the students. "Don't be somebody you're not." If you're acting, he adds, people see through that and you lose credibility.

Knowing who you are takes self-awareness, something Niederauer considers a necessary leadership quality. Knowing your strengths and how to leverage them is important, as is figuring out your weaknesses and working to improve them. A fan of the Robert Frost poem "The Road Less Traveled," Niederauer drew examples from his career to illustrate that sometimes the best career move isn't the most obvious one. Although he spent 22 years at Goldman, Niederauer describes his tenure there as "six or seven three-year careers."

Other leadership qualities Niederauer deems important are accessibility and loyalty. "If you're loyal to your employees, they are loyal to the people who work for them," he explains. "One person can't change a culture."

He encouraged the students to "look to gain perspective" and not to lose their compass. "My business card gets me in anywhere around the world," he says. "It has absolutely nothing to do with me."

To view the entire interview with Duncan Niederaurer, click here.

Photo: NYSE CEO Duncan Niederauer, left, with Goizueta dean Larry Benveniste.