CBOE Membership Votes In Public Directors And Lessor Director Under New Election Process

The Chicago Board Options Exchange (CBOE) elected four new public directors to serve on the Exchange's expanded 23 person board of directors. Under the new structure, the number of public directors is doubled from four to eight, and the board now includes one lessor director. The new directors will take office when the board holds its first meeting of 2000 in January. The additional four public directors were chosen by an expanded Nominating Committee and were elected by a vote of the membership. The nomination and election of the four public directors marked the first time CBOE employed its new nominating process, which was adopted by CBOE's membership last September. Previously, public directors at CBOE were selected by the Chairman & CEO and approved by the board of directors. CBOE Chairman and CEO William J. Brodsky applauded the new process and its results. "I am pleased to welcome these distinguished new members to CBOE's board of directors. Each new director brings expertise of the highest caliber from his or her own related field of endeavor. I am also pleased to note that in recognition of its growing population of non-floor seat owners, CBOE has elected its first lessor director." CBOE's new public directors are: R. Eden Martin, partner at the law firm of Sidley & Austin and President of The Commercial Club of Chicago; Roderick Palmore, Senior Vice President, General Counsel, and Secretary of Sara Lee Corporation; Susan M. Phillips, Dean & Professor of Finance at the School of Business and Public Management, The George Washington University, and former member of the Board of Governors of the Federal Reserve System; and David Vitale, retired Vice Chairman and Director of Bank One Corporation. The CBOE membership elected Michael Post, President of Seats Exchange, Inc., as lessor director. Re-elected, were Thomas Bond, CBOE Vice-Chairman, as floor director and David Johnson, Managing Director of Morgan Stanley Dean Witter, as an at-large director. Joseph Moglia, Senior Vice-President Merrill Lynch Pierce Fenner & Smith, Inc, was elected as member firm director, Re-elected as member firm directors were James Hackley, Executive Vice President of Charles Schwab & Co., Inc. and Robert Mazzarella, President of Fidelity's Institutional Brokerage Group. CBOE re-elected Public Directors Robert Birnbaum, former President and Chief Operating Officer of the New York Stock Exchange and the former President and Chief Operating Officer of the American Stock Exchange and Silas Keehn, former President and Chief Executive Officer of the Federal Reserve Bank of Chicago. Michael Coghlan, James Kackley, Anthony McCormick, William McGowan, Victor Meskin, Donald Phillips, and Richard Thomas, were elected to the Nominating Committee for the next year. 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, access the CBOE site on the World Wide Web at http://www.cboe.com.