The Chicago Board Options Exchange (CBOE) announced that in its annual election held today, Thursday, November 19, the membership elected eight individuals to the CBOE Board of Directors to fill expired positions.The new terms begin on January 1, 2010.
Among the eight individuals elected to the CBOE Board of Directors, four are incumbent Public Directors re-elected to serve three-year terms:
- Duane Kullberg, former Chief Executive Officer, 1980-1989, Arthur Andersen & Co., S.C.
- Susan Phillips, Dean and Professor of Finance, School of Business and Public Management, The George Washington University.
- Samuel Skinner, former Chairman of the Board, USF Corporation; Former Chief of Staff and Former U.S. Secretary of Transportation Under President George H.W. Bush.
- Howard Stone, former Senior Managing Director, American Express Tax and Business Services.
Four individuals were re-elected to the Board of Directors to serve three-year terms as Industry Directors:
- Mark Duffy, Managing Member, Cornerstone Trading, LLC; Managing General Partner, Fugue; and Nominee, VTrader Pro, LLC; was re-elected as a Floor Director.
- David Fisher, Chairman of the Board, optionsXpress, Inc., was re-elected as an Off-Floor Director.
- Stuart Kipnes, President, Associated Options, Inc., was re-elected as an At-Large Director.
- Jonathan Werts, Managing Director, Merrill Lynch, Pierce, Fenner & Smith, Inc., was re-elected as an Off-Floor Director.
"Retaining these eight individuals on CBOE's Board is an endorsement of the significant contributions they have made to the leadership of the Exchange and I am pleased that they will continue to serve CBOE in this capacity," said CBOE Chairman and Chief Executive Officer, William J. Brodsky."CBOE is well-served by the breadth of experience that our entire Board provides and I look forward to working with them on the initiatives that will guide CBOE's business into the future."
CBOE's Board of Directors is balanced between Public (independent, non-industry) and Industry (member) Directors, plus the Chairman and Chief Executive Officer of CBOE.CBOE's governance structure also includes a Lead Director -- a Public Director who acts as a liaison between the Board and Exchange management. CBOE's Governance, Audit and Compensation Committees are each chaired by a Public Director, and the Regulatory Oversight Committee is comprised solely of Public Directors.
In other election results, two individuals were elected to the Nominating Committee. Robert Hocking, Trader, DRW Securities, LLC, was elected to a one-year term as a floor member.Kenneth Mueller, Trader, Equitec Proprietary Markets, LLC, was elected to a three-year term as a floor member.
The Nominating Committee, a ten-person committee comprised of a cross section of the CBOE membership and public representatives, is charged with nominating candidates for the Board of Directors and the Nominating Committee.