Wilson Sonsini Goodrich & Rosati chairman Larry Sonsini is to lose his role as a New York Stock Exchange (NYSE) director, just weeks after being offered the job as interim chairman.

Sonsini, along with the majority of the NYSE board of directors, is expected to be replaced with a smaller board that includes proposed candidates Madeleine Albright, the former White House Secretary of State, and Monsanto chief executive Robert Shapiro.