In addition, the Board today appointed James J. McNulty, CME Holdings' President and Chief Executive Officer, to a newly created directorship which was authorized by shareholders at CME Holdings' annual meeting on Wednesday, April 17. At that time, shareholders also elected 10 directors to two-year terms expiring in 2004. This election was the second step in a two-step process to streamline governance and reduce the size of the company's Board from 39 to 20 positions.
At today's organizational meeting, the Board also elected the following officers, who will hold their positions on the Boards of CME Holdings and CME for a one-year term (through the April 2003 election):
Vice Chairman: | James E. Oliff |
Second Vice Chairman: | William R. Shepard |
Secretary: | Martin J. Gepsman |
Treasurer: | Patrick B. Lynch |
In addition, Chairman Emeritus Leo Melamed will continue to serve as Senior Policy Advisor and former CME Chairman John F. (Jack) Sandner will continue as Special Policy Advisor.
"I am honored by the responsibility with which the Board has entrusted me," said Duffy. "As a member of the Board for the past seven years, I have been fortunate to be involved in helping to guide the strategy that has made CME the largest futures exchange in the United States. I am committed to working with our Board and management team to ensure that we continue to embrace change for the benefit of our shareholders, members, employees and customers. Scott has done an outstanding job in leading the exchange over the past four years."
"I'm looking forward to working with Terry as he leads the CME Board with the experience, energy and determination that he has applied over two decades of trading and many years of service as Vice Chairman on CME's Board," said McNulty. "Terry has demonstrated strong leadership skills in working with legislators to establish a fair regulatory environment for the U.S. futures industry."
Terrence A. Duffy 43, is a floor broker and trader and has been President of TDA Trading, Inc. since 1981. He has been Vice Chairman of the Board of CME Holdings Inc. since its formation in August 2001 and of the Board of CME since 1998. He has been a CME member since 1981 and a Board member since 1995. As the company's Vice Chairman, Duffy most recently served on the executive, compensation, nominating, strategic planning and regulatory oversight committees. This year, he was appointed by President Bush to serve on a National Saver Summit on Retirement Savings. He studied business administration at the University of Wisconsin-Whitewater from 1976 to 1980. Duffy is married and resides in Lemont, Ill.
James E. Oliff, 53, has served as Second Vice Chairman of the Board of CME Holdings Inc. since its formation in August 2001 and of the Board of CME since 1998. He has been a director of CME since 1994. He previously served on the CME Board from 1982 to 1992. He is President and Chief Executive Officer of FFast Trade U.S., LLC, and Chief Operating Officer of FFastFill, Inc. In addition, Oliff is Executive Director of International Futures and Options Associates, the largest floor broker association at CME. Oliff earned a bachelor of arts degree from Brandeis University, Waltham, Mass., and J.D. from Northwestern University School of Law in Evanston, Ill. A resident of Deerfield, Ill., he is married with three children.
William R. Shepard, 55, has been a director of CME Holdings since its formation in August 2001 and a director of CME since 1997. A CME member for more than 28 years, he is founder and President of Shepard International, Inc., a futures commission merchant, since 1984.
Martin J. Gepsman, 49, has served as Secretary of the Board of CME Holdings Inc. since its formation in August 2001 and of the Board of CME since 1998. He has been a director of CME since 1994. A member of the Index and Option Market since 1985, Gepsman is an independent floor broker and trader. He received a bachelor of arts degree in French and German and an MBA in Finance and Marketing from Indiana University.
Patrick B. Lynch, 36, has been a director of CME Holdings since its formation in August 2001 and a director of CME since 2000. He has been a member of CME for more than 12 years and an independent floor trader since 1990. He earned a bachelor's degree in Finance from Michigan State University, East Lansing, Mich. A resident of LaGrange, Ill., he is married with three children.
The other members of the Board are:
- Timothy R. Brennan, Executive Vice President, RB&H Financial Services, L.P
Daniel R. Glickman, Partner, Akin, Gump, Strauss, Hauer & Feld - Scott Gordon, President, Chief Operating Officer and director, Tokyo-Mitsubishi Futures (USA), Inc.
- Yra G. Harris, independent floor trader
- Bruce F. Johnson, President, Packers Trading Company
- Gary M. Katler, Head of the Professional Trading Group, Fimat USA
- John D. Newhouse, President, John F. Newhouse & Co.
- William G. Salatich, independent floor broker and trader
- Myron S. Scholes, Chairman, Oak Hill Platinum Partners; Managing Partner, Oak Hill Capital Management; 1997 Nobel Laureate in Economics
- Verne O. Sedlacek, Executive Vice President and Chief Operating Officer, Commonfund Group
- Howard J. Siegel, floor trader
