Charles Stonehill will replace John Poulter, who retired from the board on 31 July 2005, and who has been an independent director since November 2002.
Commenting on the appointment, Donald Brydon, LME chairman said:
“I am delighted to welcome Charles Stonehill to the LME board. He has wide experience and extensive industry knowledge of the finance and investment sector and the Exchange will benefit from this new, additional perspective.
John Poulter has been a valued member of the board for three years and I would like to thank him for his contribution, service and commitment to the LME during that time.”
Background:
1. Mr Stonehill has almost 30 years experience in the investment and banking sector, most recently as Global Head of Capital Markets for Lazard Freres. He has also held senior positions with Credit Suisse First Boston, Morgan Stanley & Co and JP Morgan & Co. He holds a number of Non-Executive Directorships including Gulfsands Petroleum Ltd.
2. The appointment is effective from 1 September 2005
3. A full list of all LME board members is available on www.lme.com
4. The LME commenced trading in polypropylene and linear low density polyethylene futures contracts in May 2005 and it is the world’s premier non-ferrous metals futures and traded options exchange.
5. Trading takes place through open outcry in ‘the ring’, through an inter-office telephone market and through LME Select.
6. The LME turned over 72 million lots in 2004 which equates to around $3,500 billion.
