Satish Nandapurkar, who joined CME last year as Managing Director, e-Business, will assume the new role of Managing Director, Products and Services. He will have responsibility for Product Research and Development, Product Management and Sales, Application Service Provider (ASP) Development, Technology Sales and Services, and Marketing.
"The creation of the Products and Services Division reflects our ongoing efforts to be intensely customer focused," said CME President and Chief Executive Officer Jim McNulty. "By fully integrating these functions – which are often the first line of contact for our customers – we strengthen our ability to meet the needs of users of our marketplace."
He said the changes also reinforce the exchange’s new emphasis on shareholder value by establishing accountability for the revenues and expenses associated with CME’s products and services.
The exchange also made two other changes related to McNulty’s direct reports. Don Serpico, who has served as Managing Director, Operations, has announced that he will retire early next year to pursue an entrepreneurial venture. McNulty said that Jim Krause, Managing Director, Enterprise Computing, has been identified to succeed Serpico and will work closely with him and with Maz Chadid, Managing Director, Trading Floor Operations, in preparation for Serpico’s retirement. Krause’s new title is Managing Director, Operations and Enterprise Computing.
In addition, Craig Donohue, who has served as Managing Director, Business Development and Corporate/Legal Affairs, will become Managing Director and Chief Administrative Officer. He will continue to be responsible for Business Development and Strategy, Legal, Regulatory, Shareholder Relations and Member Services, Corporate Communications, Corporate Relations and Government Relations.
The changes are effective immediately.
Chicago Mercantile Exchange Inc. (www.cme.com) is an international marketplace that brings together buyers and sellers on its trading floors and GLOBEX®2 around-the-clock electronic trading system. CME offers futures contracts and options on futures primarily in four product areas: interest rates, stock indexes, foreign currencies and agricultural commodities. All over the world, pension funds and investment advisers, portfolio managers, corporate treasurers, commercial and investment banks, broker/dealers and individuals are among those who trade on CME as an integral part of their financial management strategy. In 2000, more than 231 million contracts with an underlying value of more than $155 trillion changed hands at CME. The exchange moves about $1 billion per day in settlement payments, manages $30 billion in collateral deposits and administers more than $1 billion of letters of credit. On November 13, 2000, CME finalized its transformation into a for-profit, shareholder-owned corporation as it became the first U.S. financial exchange to demutualize by converting its membership interests into shares of common stock that can trade separately from exchange trading privileges.
