The American Stock Exchange® (Amex®) announced today that the Executive Committee of the Amex Board of Governors has appointed Patricia Rado, former Controller of Public Service Enterprise Group Inc., to chair a new independent task force to examine recent system issues at the Exchange. Ms. Rado is an independent governor of the Amex Board as well as the chair of its Audit Committee.
Ms. Rado has been authorized to lead an independent task force that will conduct comprehensive reviews of technology issues underlying recent service interruptions. The task force is committed to identifying and resolving any issues that may otherwise lead to future disruption of market operations. The task force will report its findings and recommendations to the Amex Board.
“We are absolutely accountable to our customers, and members. Our recent lapses trouble me personally because they do not reflect the enormous effort and commitment that our organization has made to improve quality. The creation of this task force and the appointment of Ms. Rado, who brings years of experience and leadership, is one of many steps that we are taking to better our technology operations,” said Neal Wolkoff, Amex Chairman and Chief Executive Officer.
He added, “The exchange industry is constantly evolving with new market structure rules and changes in technology, which makes the environment complicated. I assure you that the Amex intends to keep up with the changes needed to remain competitive. While we have had a setback, we are committed to solving our issues and ensuring a high quality marketplace for our customers.”
Ms. Rado is the former Vice President, Controller and Chief Accounting Officer of Public Service Enterprise Group, Inc, where she served until her retirement in January, 2007. She received a B.S. in Accounting from Central Connecticut State College and an MBA with a concentration in Computer Information Systems from the University of New Haven. Ms. Rado is a certified public accountant and a 1997 graduate of the Harvard Advanced Management Program.
About American Stock Exchange
The American Stock Exchange® (Amex®) offers trading across a full range of equities, options and exchange traded funds (ETFs), including structured products and HOLDRSSM. In addition to its role as a national equities market, the Amex is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993. Leading the industry in ETF listings, the Amex lists 337 ETFs to date. The Amex is also one of the largest options exchanges in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks.
