Kloet yesterday was named the first Chief Executive Officer of the Singapore Exchange (SGX), effective April 24, and today officially submitted his resignation to the CME Board of Directors.
He had been elected in December to his third two-year term on the CME Board and was serving his third one-year term as the exchange Treasurer.
"We congratulate the Singapore Exchange on its selection of an outstanding chief executive to lead the exchange forward during one of the most exciting periods in the history of financial exchanges," CME Chairman Scott Gordon and President and CEO Jim McNulty said in a letter to exchange members. "Tom Kloet has worked tirelessly over the last several years to help position the CME for the future and ensure the successful development and implementation of our strategic plan. We will miss him greatly as our Treasurer and devoted Board member, but we are pleased that we will continue our association with him through our longstanding relationship with the Singapore Exchange."
Lynch fills the vacant seat in the Chicago Mercantile Exchange's International Monetary Market Division according to exchange rules as he was the candidate in the exchange's December 9 election who garnered the fifth highest total of votes. The Board of Directors consists of 25 elected members from four divisions of the exchange, including eight from the IMM Division, as well as appointed and industry directors. Four IMM directors are elected each year.
The position of Treasurer is elected by the Board of Directors. Haworth, a floor trader and 1998 CME Treasurer, was first elected to the Board in January 1997. A member of the exchange since 1979, he chairs a number of committees, including the Clearing House Oversight, Market Data Services, Professional Responsibilities and Security committees. Haworth was Vice President of Audits on the CME staff prior to becoming a member. He previously managed back-office operations and accounting for a clearing member firm. A Certified Public Accountant, he resides in Wheaton, Illinois.
Lynch is serving the remainder of the two-year term expiring in December 2001. He has been a member of the exchange since 1990 and has owned an IMM seat since 1994. He is a floor trader in the exchange's Eurodollar pit. He holds a bachelor of arts degree in finance from Michigan State University and is a resident of LaGrange, Illinois.
Kloet has been a member of the Chicago Mercantile Exchange since 1988. He previously served as Treasurer in 1997 and 1999. He has been Senior Managing Director of ABN Amro Incorporated and Senior Vice President of ABN Amro Bank, N.V. since 1997.
