Mr. Sodano, 48, who became Amex chairman and CEO in September 1999, said he will continue in his present position until the board makes other arrangements.
In an Information Memorandum to the membership last February regarding the then-pending transaction transferring control of the Amex to The Amex Membership Corporation from NASD, Mr. Sodano made no commitment to serve as Amex chairman and chief executive after the closing of the transaction. That closing took place on Friday, December 31, 2004.
"I am grateful to have had the opportunity to lead the Amex, our employees and our membership, in serving the financial community, our issuers and the investing public," Mr. Sodano said. "During this time, I will work collaboratively with the board and the Exchange to ensure a successful transition."
In Mr. Sodano's tenure as CEO, the Amex weathered stressful and unpredictable times in the capital markets, including direct and indirect impacts of the September 11 terrorist attacks, a subsequent poor economy, damage to investor confidence from corporate and accounting scandals, and the restructuring of the markets themselves.
At the same time, the Amex became more diversified through three strong core businesses. A national marketplace for equities, especially small - and mid-sized companies, the Amex also pioneered and continues to lead in listing exchange traded funds (ETFs), including familiar names such as SPDRs, tracking the S&P 500, and DIAMONDS, tracking the Dow Jones Industrial Average. The Exchange also became a market leader in closed-end funds and structured products, and is one of the largest options exchanges in the U.S., trading stock and index options. During Mr. Sodano's tenure, the Amex Composite Index outperformed all other major market indexes.
