Pacific Exchange Names Philip D. DeFeo New CEO - Philip D. DeFeo joined West Coast Mart June 7

The Pacific Exchange (PCX) has named Philip D. DeFeo as its Chief Executive Officer and Chairman of the Executive Committee. Robert M. Greber will remain Chairman of the PCX Board of Governors. DeFeo is a seasoned executive with broad experience in domestic and international financial markets. Most recently, he was President and CEO of Van Eck Associates Group, a diversified global mutual fund and brokerage company specializing in alternative asset classes. Prior to joining Van Eck, he was Executive Vice President and Director of Marketing and Customer Service at Cedel International, the second largest provider of Eurobond clearance and custody services. DeFeo has also been Managing Director for Worldwide Equities Operations and Systems at Lehman Brothers; Senior Vice President and a member of the Operating Committee at FMR Corporation, where he was responsible for the brokerage operations of Fidelity; and a senior executive with Bankers Trust Company. His professional career began with Procter and Gamble. Greber had informed the PCX Board in January of his desire to leave the Exchange in 2000. "That meant we weren't simply looking for a new president," said David R. Hultman, Vice Chair of the PCX Board and an equities specialist for D.A. Davidson & Co., who chaired the search committee that recommended DeFeo. "Phil is smart. He's effective. He knows how to make organizations run efficiently and up to their full potential. He understands how fast the industry is changing and what needs to happen for us to remain competitive." Lynne A. Keck, Vice Chair-elect of the PCX and President of Keck Securities added, "Phil has experience with systems and operations that we value highly. Our operations are becoming more technologically advanced. His ability to see through the complexity of those projects will be extremely helpful." DeFeo said, "The Pacific Exchange is a solid organization with a long tradition of innovation and creativity, which I am looking forward to continuing. Bob Greber built a great staff. The members are committed to being competitive and offering quality customer service. The industry is changing dramatically. This is a very exciting opportunity for me, personally and professionally." DeFeo, 53, received an undergraduate degree in economics and international finance from Iona College.