"The strength of the Exchange reflects the quality and commitment of its leadership. We are very pleased to welcome to our Board people with the extraordinary experience and skills of these new Governors. Each of them is a leader in his or her corporate or professional area. Their guidance will help to ensure that the CHX continues to grow and to help its members provide efficient and cost effective trading opportunities for their customers" said Lee Mitchell, CHX Chairman.
A.D. Frazier, CHX president and CEO added, "These are times of change within the securities industry. We at the Chicago Stock Exchange, as well as our member firms, will compete on the basis of sound strategy and excellent execution on behalf of our customers. The input of the Board will be critical to our achieving our objectives."
Under the Exchange's Constitution, its Board is composed of 24 governors: 12 non-industry or public governors, 10 member governors and the CHX president and vice chairman. The vice chairman serves a two-year term and all other elected governors serve three-year terms. The elected officials are as follows:
Vice Chairman
Tilden S. Engelman is President of Engelman Securities, Inc. in Chicago, IL and currently is a member of the Board of Governors. He has been a member of the Exchange for 35 years. During that time, he has served on the Board (1978-1981, 1983-89, 1996-1999 and 2000 to the present) and on a number of Exchange committees. Mr. Engelman currently acts as the Vice Chairman of the Strategic Planning Committee. He is a former Trustee and Director of Weiss/University of Chicago Hospital. He has a BA from Dartmouth College and an MBA from the Amos Tuck School of Business Administration-Dartmouth.
"At this time, I am ready, willing and able to assume the leadership of the CHX floor. After 35 years at this Exchange, I believe we have the strongest group of executives ever. Combine the strength of senior staff and governors with the resourcefulness and talent of the membership, and we are more capable than ever to continue to represent Chicago's trading community and the CHX as the nation's second largest stock exchange," said Tilden S. Engelman.
Governors: Term Expires 2002
Non-Industry Governors
George V. Bayly is President, CEO and Chairman of Ivex Packaging Corporation, a $700 million paper and plastic packaging company with headquarters in Lincolnshire, IL. Before joining Ivex in 1990, Mr. Bayly was the President, CEO and Chairman of Olympic Packaging, Inc. Mr. Bayly has a BS in Marketing from Miami University (Ohio) and an MBA from Northwestern University
Paul Humenansky is the President and Chief Operating Officer of divine, inc. Before joining divine, Mr. Humenansky was the Chief Operating Officer of PLATINUM technology, inc. and Managing Director of PLATINUM Venture Partners. Mr. Humenansky founded and directed Digital Schoolhouse, a computer and Internet training program for children and serves on the governing boards of several companies, including divine, inc., eReliable Commerce, the Isaac Ray Center, Mercantec and Outtask. Mr. Humenansky has a BS degree in Systems Analysis from Miami University (Ohio).
T. Eric Kilcollin is President of Kilcollin Financial, L.L.C., a financial services consulting firm. He was the President and Chief Executive Officer of the Chicago Mercantile Exchange from 1996 to 1999; and served 13 years with the CME before that in a variety of positions from Chief Economist to Chief Operating Officer. In the mid-1990's, Mr. Kilcollin was a member of the Executive Committee and the CEO of Investment Services of Wells Fargo Nikko Investment Advisors, now known as Barclays Global Investors, the largest institutional investment advisor in the world. Mr. Kilcollin serves on the Board of Youth Guidance and on the Advisory Board of the Financial Markets Research Center at Vanderbilt University. He holds a BA in Economics from Georgetown University, as well as an MA and PhD in Economics from the University of Chicago. He has served on the Chicago Stock Exchange Board of Governors since November 2000.
Governors: Term Expires 2003
Non-Industry Governor
Valerie B. Jarrett is Executive Vice President of The Habitat Company and has served on the CHX Board of Governors since September 2000. Before joining The Habitat Company, Ms. Jarrett had a variety of roles with the City of Chicago, including work as Mayor Daley's Deputy Chief of Staff and as Commissioner of the Department of Planning and Development. Ms. Jarrett is Chairman of the Board of Directors of the Chicago Transit Authority and serves on the governing boards of several corporate and charitable entities including USG Corporation, the Metropolitan Planning Council, the University of Chicago, the University of Chicago Hospitals, Window to the World Communications, Inc. (WTTW), the Harris Insight Funds and the Museum of Science and Industry. Ms. Jarrett has a JD from the University of Michigan Law School and a BA from Stanford University.
Governors: Term Expires 2004
Industry Governors
Daniel S. Curran is Managing Partner of Sydan L.P., Chicago, IL He has served on a number of Exchange committees, including the Marketing, New Products and Strategic Planning Committees. Prior to joining Sydan, Mr. Curran was a market maker at the Chicago Board Options Exchange. He is a certified public accountant, with a BBA from the University of Wisconsin and a JD from DePaul University.
Norman L. Eaker is a partner of Edward Jones, St. Louis, MO. where he has been employed since 1981. He is responsible for the Operations Division and is a member of the firm's management committee. He has served as a member of the Exchange's Board of Governors since April, 1998. He currently serves on the Depository Trust Company's Operations Advisory Committee and the SIA Operations Committee. Mr. Eaker received his BS/BA from the University of Missouri and is a licensed CPA.
Lou Klobuchar, Jr. is Chief Executive Officer of Dempsey & Company LLC, Chicago IL. Prior to joining Dempsey in 1997, Mr. Klobuchar held a variety of positions at the Exchange, including the job of Executive Vice President responsible for strategic planning, product development and trading floor/clearing operations. Mr. Klobuchar currently is Chairman of the Exchange's OTC Advisory Committee and has served as Co-Chairman of the Strategic Planning Committee and as Chairman of the MAX Retail Advisory Committee. He is presently a member of the Committee on Capacity and Quality of Markets, the Floor Procedures Committee and the MAX Retail Advisory Committee.
Non-Industry Governors
Erik P. Gustafson is Senior Vice President of Stein Roe & Farnham, Chicago, IL. He currently manages its institutional equity accounts and is portfolio manager of the Liberty Growth Stock Fund, Stein Roe Young Investor Fund and Liberty Growth Investor Fund. Prior to joining Stein Roe, Mr. Gustafson was an attorney with Fowler, White, Burnett, Hurley, Banick & Strickroot PA in Miami, Florida. Mr. Gustafson has a BA in English and American Studies from the University of Virginia and an MBA and JD from Florida State University.
Michael H. Kerr is a partner with Kirkland & Ellis, an international law firm with nearly 450 lawyers in its Chicago office. Mr. Kerr concentrates his practice in mergers and acquisitions, public debt and equity financings and general counseling of public and private companies. He has also provided general corporate and securities law counseling to a variety of clients. Mr. Kerr has a BA from Duke University and a J.D. from Columbia University School of Law.
Lee M. Mitchell is a partner in the firm of Thoma Cressey Equity Partners, Inc., a private equity investment firm headquartered in Chicago, IL. He previously was President & CEO of The Field Corporation and a partner in the law firm of Sidley & Austin. Mr. Mitchell has served on the Exchange's Board of Governors since April 1996 and currently serves as its Chairman. Mr. Mitchell also serves on the boards of directors of Northwestern Memorial Management Corp., Northwestern University, the Metropolitan Planning Council of Chicago (Vice Chair), Cognitive Arts Corp. and a number of private companies in which his firm has invested. Mr. Mitchell holds a BA degree from Wesleyan University in Middletown, CT, and a JD from the University of Chicago Law School.
Wilma J. Smelcer is the retired Chairman of Bank of America, Illinois. Ms. Smelcer began her career at Continental Bank, Bank of America's predecessor in 1973, rising from a position as trainee to the role of Chairman. During this period, Ms. Smelcer served, among other things, as Manager of the Bank's Securities and Commodities Division, Chief of Staff of Global Trading and Distribution, Chief Administrative Officer of Bank of America, Illinois and the Midwest Regional Executive for Bank of America's Private Bank. Ms. Smelcer works with a variety of community and civic organizations and serves on the governing boards of the Museum of Science and Industry and the Lincoln Park Zoological Society. Ms. Smelcer has BS and MBA degrees from the University of Illinois and is a certified public accountant.
Governors who retired from the Board are: Victor D. Feldman, President, Market Traders; Jere D. Fluno, Retired Vice Chairman, W.W. Grainger, Inc; Eugene M. Lerner, President, Disciplined Investment Advisors; Edward L. Massie, Retired President and CEO, CCH Incorporated; Anthony D. McCormick, Vice President, Derivative Markets, Charles Schwab & Co., Inc.; C. Michael Viviano, President and CEO, BNY Clearing Services LLC; and William J. White, Professor, Northwestern University and Retired Chairman & CEO, Bell & Howell Company.
The Chicago Stock Exchange was founded May 15, 1882 and is the second most active stock exchange in terms of share and trade volume. The CHX has been the fastest growing exchange over the past five years, providing the strongest force for competition to all U.S. markets. The CHX trades more than 4,400 NYSE, AMEX, Nasdaq and CHX-exclusive issues, the most widely diversified equity product list of any U.S. stock exchange.
