Commenting on his resignation Donovan said, "It has been an honor and a privilege to lead a world class-institution like the Chicago Board of Trade for nearly 20 years and to help shape its destiny for the future. I leave the CBOT well positioned to meet the challenges of the future. Our electronic order routing initiative is on track for continued success, and our alliance with Eurex, once it is launched mid-year, will broaden the distribution of our products, provide our customers and market users with the best open-outcry and electronic trading markets in the world, and bring more business back to our exchange. I also support the restructuring initiative as approved by the Board of Directors, and I believe that once they are presented with the facts, the membership will approve the plan.
"Our Board of Directors, members and our dedicated staff team constantly worked together to make our open outcry and electronic markets the premier risk management vehicles for the world to trade, and the effort resulted in record trading volumes and increased member opportunity year after year. With this level of cooperation, we were able to address and solve the many competitive challenges facing the CBOT. We achieved the results and we put the exchange in a position to compete and win. That is why I believe the future of the CBOT will be as glorious as its past.
"I want to thank this Board of Directors, along with past Boards, as their commitment to the exchange and personal sacrifices often go unnoticed. I also want to thank those members who give freely of their time to volunteer on our member committees, as the exchange benefits from their counsel and advice. Finally, I leave in place a strong, dedicated team of hardworking employees who will continue their work on behalf of the exchange, and who will always have a special place in my heart."
In accepting Donovan's resignation David Brennan, Chairman of the Board of the CBOT said: "Tom Donovan's name is synonymous with the Board of Trade throughout the world. No one has been a greater advocate. No one has been a more stalwart and constant defender through thick and thin, the good times and the bad. He has never failed to fight for and protect this institution. He has guided us through periods of massive change."
Brennan continued, "Most recently Tom has spent tremendous energy and time preparing the Board for the restructuring which will create new opportunities and new alliances for all our members and our employees throughout the world. This may be his most important and most lasting contribution." "We wish him God Speed," Brennan said.
The Board will address the appointment of an acting interim COO at their regularly scheduled meeting on Tuesday, April 18.
