Kansas City Board Of Trade Announces Leadership Change

The Kansas City Board of Trade has announced that Bob Petersen has tendered his resignation as president and CEO of the KCBT to pursue other opportunities, effective today.

Petersen said that he leaves with the highest regard for the exchange. "The Kansas City Board of Trade is a great institution that plays a vital role in the world wheat market," Petersen said. "It has been a pleasure to be part of the organization for almost four years."

Petersen came to the exchange from the National Grain Trade Council, where he served for 20 years.

KCBT Chairman Scott Smith said that he regretfully accepted Petersen's resignation. "We thank him for his years of dedication and service," Smith said. "We wish him all the best in his future endeavors.

Smith also announced that the KCBT Board of Directors has elected Jeffrey C. Borchardt as the new president and CEO. "Jeff brings 21 years of KCBT work experience to the position of president," Smith said. "I am very confident in Jeff's abilities and industry knowledge. I know that Jeff will be a strong leader for the Kansas City Board of Trade."

Borchardt joined the KCBT in 1982 as a commodities investigator/auditor. Most of his career with the KCBT has been spent in the fields of compliance, regulation, finance and operations. Borchardt is a graduate of Northwest Missouri State University, with a bachelor of science in accounting. Borchardt also has earned a certificate as a certified public accountant.

"The staff and I wish Bob only the best in his future endeavors," Borchardt said. "I appreciate the confidence shown by the board of directors in electing me to this position. I look forward to working with the Executive Committee and KCBT members in addressing the important issues facing the exchange in the future. I also look forward to being at the helm of an excellent exchange staff."

The Kansas City Board of Trade, founded in 1856, is the world's largest free market for hard red winter wheat.

The president of the Kansas City Board of Trade serves as the chief executive officer of the exchange staff. The president also serves as a liaison between the KCBT members and staff as part of the KCBT executive committee, comprised of a chairman, first vice chairman and second vice chairman. KCBT members are elected annually to the chairman posts. The KCBT Board of Directors consists of 12 KCBT members and four outside directors.