A.D. Frazier was named Chairman and CEO. His previous title was President and CEO. He continues as a voting member of the Board of Governors. He succeeds Lee M. Mitchell in the position. Mr. Mitchell will remain on the Board. Paul B. O'Kelly was named President and Chief Operating Officer (COO). He was previously COO and becomes a voting member of the Board as President of the Exchange.
Under the former structure, the position of Chairman of the Board was a non-executive position. Under existing governance, the Chairman of the Board becomes an executive position and is elected by the Board of Governors and the President is appointed by the Chairman with the approval of the Board. The Vice Chairman is elected by the members. Tilden "Denny" Engleman remains Vice Chairman of the Exchange.
A.D. Frazier said, "This structure will allow for smooth executive decision processes and assurance of continued strong participation by our exchange members and public Board members."
Lee M. Mitchell, who has been serving as the Chairman of the CHX since April 2000, said, "The Chicago Stock Exchange has had a long tradition of choosing the Chairman of its Board from among its public (non-member) Governors. This meant that the Chairman typically was not a full-time, executive position. However, the extraordinary growth of the CHX in recent years and the increasingly complex and competitive environment in which exchanges operate today, required that we consider designating a full-time executive Chairman. A.D. Frazier brings to the Exchange the depth of talent and experience necessary to fill our need for a full-time Chairman."
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 3,900 NYSE, AMEX, Nasdaq and CHX-exclusive issues, the most widely diversified equity product list of any U.S. stock exchange.
