Janet P. Froetscher, a newly-elected public director, is president and chief executive officer of the United Way of Metropolitan Chicago. She served as chief operating officer of the Aspen Institute from 2000 to 2003. From 1992 to 2000, Ms. Froetscher served as the executive director of the Finance Research and Advisory Committee, which is part of the Civic Committee of the Commercial Club of Chicago. She is co-founder of Executive Options and served as vice president for Bankers Trust Company from 1987 to 1991. She will serve a three-year term.
Also re-elected as public directors for three-year terms are: Roderick Palmore, executive vice president, general counsel and secretary of Sara Lee Corporation and member of the CBOE Audit and Executive Committees; Robert J. Birnbaum, former president of the New York Stock Exchange and of the American Stock Exchange and member of the CBOE Executive, Governance and Regulatory Oversight Committees; and R. Eden Martin, a partner in the law firm of Sidley Austin Brown and Wood, president of The Commercial Club of Chicago, member of the CBOE Executive Committee and in 2004, served as the Lead Director of CBOE's Board of Directors.
In addition, five individuals were elected to the board as industry (member) directors and will each serve three-year terms:Jonathan G. Flatow, vice president, S.G. Marx & Associates, Inc., was newly-elected to serve as an at-large director; Bradley G. Griffith, principal, Specialists DPM, LLC, was newly-elected to serve as a floor director; Mark Dooley, executive vice president, Global Execution Brokers, LP, was newly-elected as an off-floor director; James P. MacGilvray, executive vice president, National Financial Services, LLC, was re-elected as an off-floor director; and John E. Smollen, managing director, SLK-Hull Derivatives, LLC, was re-elected as a floor director.
"We are pleased to welcome these nine individuals to a very accomplished group of business leaders serving on CBOE's board of directors. All have made significant contributions in their respective fields and we value greatly the perspective that they bring to the Exchange," said CBOE Chairman and Chief Executive Officer, William J. Brodsky. "The CBOE board of directors plays a critical role in charting the future course of the Exchange, and as such, CBOE will remain committed to instilling the highest standards of ethical conduct and integrity in its governance structure."
In recent years, CBOE has been a leader in governance reform, increasing the number of public directors to achieve an equal balance between public (independent, non-industry) and industry (member) directors. The CBOE board consists of 22 directors, comprised of eleven industry directors and eleven public directors, plus the chairman and chief executive officer of CBOE.
Last year, CBOE appointed a public director to serve in the newly-created position of Lead Director, who acts as a liaison between the Board and Exchange management. CBOE has also created a Regulatory Oversight Committee composed solely of public directors, while the Governance, Audit and Compensation Committees are each chaired by a public director.
Other public directors currently serving on CBOE's board include: James R. Boris, chairman of JB Capital Management, LLC and former chairman and CEO of EVEREN Securities, Inc.; Duane R. Kullberg, former chief executive officer, 1980-1989, Arthur Andersen & Co., S.C.; Scott P. Marks, Jr., former vice chairman of First Chicago NBD Corporation; Susan M. Phillips, Dean of the School of Business and Public Management at The George Washington University and former Federal Reserve Board Governor; Samuel K. Skinner, retired chairman and chief executive officer, USF Corporation, former Chief of Staff and former U.S. Secretary of Transportation under President George H.W. Bush; Howard L. Stone, senior managing director, American Express Tax and Business Services; and Eugene S. Sunshine, senior vice president for business and finance at Northwestern University.
Other industry (member) directors currently serving on CBOE's board include: Mark F. Duffy, general partner, Cornerstone Partners, general partner, Fugue, general partner, Isomorphism; Stuart J. Kipnes, president, Associated Options, Inc.; Thomas H. Patrick, Jr., managing director, Equity Linked Trading for the Americas, Merrill Lynch & Co., Inc., Thomas A. Petrone, managing director, Global Equity Derivatives, Citigroup Global Markets, Inc., William R. Power, lessor director, CBOE; and Edward T. Tilly, CBOE Vice Chairman.
In other election results, the following five individuals were elected to serve three-year terms on the Nominating Committee:Thomas Durkin, a partner in the law firm of Mayer, Brown, Rowe and Maw, where his professional practice focuses on state and federal litigation. From 1980 to 1993, he served in the office of the United States Attorney for the Northern District of Illinois, serving as first assistant United States Attorney from 1991 to 1993; Nickolas Neubauer, a CBOE member and former chairman of the Chicago Board of Trade from 2001 to 2003, former Board member of the National Futures Association and current member of CBOT's Board of Directors; Daniel Carver, vice president options trading, National Financial Services, LLC; Terrence Andrews, DPM designee, senior trader, CTC, LLC; and Timothy Feeney, managing partner, KC Co. II, LLC.
The Nominating Committee is a ten-person committee, comprised of a cross section of the CBOE membership and public representatives, and is charged with selecting candidates for the board of directors and certain other committees. The public representatives that served on the 2004 Nominating Committee were: Newton N. Minow, Annenberg University professor of communications, law and policy at Northwestern University, senior counsel to and former partner in the law firm of Sidley Austin Brown & Wood and former chairman of the Federal Communications Commission; and Donald P. Jacobs, Gaylord Freeman Distinguished Professor of Banking and Dean Emeritus of the Kellogg School of Management.
Three candidates were elected to the MTS Appointments Committee, which is responsible for the selection and oversight of CBOE Designated Primary Market Makers (DPMs). CBOE members Brian Dowd, managing partner, Dowd Broker Group; Joseph Perona, president, JPE Options, Inc.; and Elizabeth Steigmann, DPM designee, Susquehanna Investment Group; were each elected to serve three-year terms.
CBOE, the world's largest options marketplace and the creator of listed options, is regulated by the Securities and Exchange Commission (SEC). For additional information about the CBOE and its products, visit the CBOE website at: http://www.cboe.com/.
