Mr. Frazier will be joining Caremark Rx, Inc. as President & Chief Operating Officer on August 1, 2002.
"I will miss the Chicago Stock Exchange greatly," Frazier said. "The CHX has been one of the most stimulating and satisfying institutions I have ever served. I will always appreciate the significant role the CHX membership plays in the securities industry and its incredible importance in providing competition and market liquidity to the U.S. equities markets. The staff and members who serve the Exchange are among the most dedicated and professional individuals I have ever had the privilege to work with. I wish them all the best of luck."
Lee M. Mitchell, Board member and former CHX Chairman, was appointed by the Executive Committee to be the Chairman of the Transition Committee of the Board of Governors. Paul B. O'Kelly remains as President and Chief Operating Officer.
Mr. Mitchell said, "We are very sorry to see A.D. leave the Exchange. He has been an incredible asset to us as we experienced some of the most dramatic and difficult issues in the history of the securities markets. His leadership qualities will be greatly missed. Nevertheless, we are confident that the Transition Committee and Senior Management will provide the Exchange with effective leadership and management until a successor can be identified.
Tilden "Denny" Engleman, vice chairman of the Board of Directors, said, "A.D. has set a great agenda for CHX for us to go forward with. We wish him well in his new venture but will miss his enthusiasm, creativity and dedication to this fine institution."
Mr. O'Kelly said, "The entire staff of CHX will miss A.D. It has been a privilege to serve with him. He has been a strong and decisive leader. Our staff and members will go forward and are dedicated to continue making the CHX the finest and most progressive exchange in our industry."
The Chicago Stock Exchange was founded May 15, 1882 and is the second most active stock exchange in terms of share and trade volume. The CHX has been one of the fastest growing exchanges, over the past five years, providing the strongest force for competition to all U.S. markets. The CHX trades more than 3,800 NYSE, AMEX, Nasdaq and CHX-exclusive issues, more than any other U.S. stock exchange.
