In accepting Mr. Morton's resignation, the Board applauded his exceptional leadership at the BSE during its period of greatest growth as well as his lifelong contributions to the nation's securities markets. The Board's selection of Mr. Leibler, who has been a Governor of the Boston Stock Exchange Board for 10 years and is a key member of the Exchange's Strategic Advisory Committee, is a reflection of Mr. Leibler's breadth of experience in the financial services industry and his extensive knowledge of exchange products and operations.
"The Boston Stock Exchange is extremely fortunate to attract an executive with Ken Leibler's experience and stature as its next Chairman and CEO," said Mr. Morton. "I've worked closely with Ken for more than 20 years and know that he is the right person with the right experience, at the right time for the BSE. He is ideally suited to lead the Exchange in a period of enormous change in our industry that offers a wide range of opportunities for future growth."
"I am truly energized by this opportunity," said Mr. Leibler. "Under Bill Morton's leadership, the Exchange experienced the most dynamic growth in its 166-year history. We will be well-positioned to build upon the foundation that Bill and his team have created - strong client relationships, a record of product innovation, quality markets, and a reputation for client service that is second to none in the industry."
Mr. Morton has been Chairman and Chief Executive Officer of the Boston Stock Exchange since 1985. During his tenure, the BSE established a distinguished reputation as a quality marketplace with unparalleled customer service and a prestigious customer base. In recent years, the BSE has posted record volume growth, due in large part to the introduction of new trading products and technology. In 1999, Mr. Morton oversaw the relocation of the BSE to a landmark building in Boston's financial district. Mr. Morton's career in the securities industry spans 40 years. Before joining the BSE, Mr. Morton held senior positions at Dean Witter Reynolds and Mitchell Hutchins, responsible for managing stock trading and exchange floor operations for both firms. He was a floor member and floor official at several U.S. stock exchanges, and served on a number of prominent securities industry committees.
Kenneth R. Leibler has served the Boston Stock Exchange as a Governor of the Board and a member of key committees for the past decade. Most recently, Mr. Leibler served as the President and Chief Executive Officer of Liberty Financial Companies, a publicly traded financial services firm with more than $65 billion in assets under management. Under his management, Liberty experienced a four-fold increase in its assets under management. Prior to joining Liberty in 1990, Mr. Leibler was the President of the American Stock Exchange, a post he held for four years. At the AMEX, Leibler led the establishment and growth of the Exchange's innovative options trading program. Mr. Leibler began his career in the securities industry in 1972 with Lehman Brothers where he founded and headed the options trading department.
