Among the newly elected public directors is former chief of staff to the president, Samuel K. Skinner. Most recently, Mr. Skinner served as chairman and chief executive officer of USF Corporation. He also served as U.S. Secretary of Transportation, as well as senior partner in the law firm Sidley and Austin. He will serve a three-year term.
Also elected as a public director for a three-year term is Howard L. Stone, senior managing director and chairman of the management committee of American Express Tax and Business Services. Prior to holding that position, Mr. Stone served as senior partner at the Chicago based accounting firm Altschuler, Melvoin and Glasser.
"We are delighted to have Sam Skinner and Howard Stone join a very distinguished group of public directors serving on the CBOE Board," said CBOE Chairman and Chief Executive Officer, William J. Brodsky. "Each of these eleven independent directors has made a significant impact in their respective fields and we greatly value the perspective that they bring to the Exchange."
CBOE has been a leader in governance reform, increasing the number of public directors to achieve an equal balance between public (unrelated to the industry) and industry (member) directors. The CBOE board consists of 22 directors, comprised of eleven industry directors and eleven public directors, plus the chairman and chief executive officer of CBOE. <>P>Duane R. Kullberg, former chief executive officer of Andersen Worldwide, and Susan M. Phillips, Dean of the School of Business and Public Management at The George Washington University and former Federal Reserve Board Governor, were re-elected to three-year terms.
Other public directors currently serving on CBOE's board include: Robert J. Birnbaum, former president of the New York and American Stock Exchanges; James R. Boris, chairman of JB Capital Management, LLC and former chairman and CEO of EVEREN Securities, Inc.; Scott P. Marks Jr., former vice chairman of First Chicago NBD Corporation; R. Eden Martin, partner in the law firm of Sidley Austin Brown & Wood and president of The Commercial Club of Chicago; Roderick Palmore, senior vice president, general counsel and secretary at Sara Lee Corporation; Robert A. Rosholt, chief financial and investment officer for Nationwide Mutual Insurance Company; and Eugene S. Sunshine, senior vice president for business and finance at Northwestern University.
In addition, four individuals were elected to the board as industry (member) directors and will each serve three-year terms. Stuart J. Kipnes, president and nominee of Associated Options, Inc. was newly elected to serve as an at-large director. Also elected to the board are: Mark F. Duffy, general partner of Cornerstone Partners, general partner of Isomorphism and managing general partner of Fugue, re-elected as floor director; Thomas H. Patrick Jr., managing director of Equity Linked Trading for the Americas, Merrill Lynch & Co., Inc.; and Thomas A. Petrone, managing director of Global Equity Derivatives, Citigroup Global Markets Inc., re-elected as off-floor directors.
In other election results, Christopher M. Wheaton, DPM designee for SLK-Hull Derivatives was elected to the Nominating Committee for a three-year term. The nominating committee is a ten-person committee, comprised of a cross section of the CBOE membership and public representatives, and is charged with selecting candidates for the board of directors and certain other committees. Currently serving as public representatives on the committee are: Newton Minow, Annenberg University professor of communications, law and policy at Northwestern University, senior counsel to and former partner in the law firm of Sidley Austin Brown & Wood and chairman of the Federal Communications Commission; and Donald P. Jacobs, Gaylord Freeman Distinguished Professor of Banking and Dean Emeritus of the Kellogg School of Management.
Three candidates were elected to the MTS Appointments Committee, which is responsible for the selection and oversight of CBOE Designated Primary Market Makers (DPMs). CBOE members Douglas H. Edelman, market maker, Merlinone Trading, Inc.; John F. Burnside, DPM designee, Susquehanna Investment Group; and Daniel P. Carver Sr., floor broker, National Financial Services, LLC, were each elected to serve three-year terms.
CBOE, regulated by the Securities and Exchange Commission (SEC), is the creator of listed options, and the world's largest options marketplace. For additional information about the CBOE and its products, visit the CBOE website at www.cboe.com/.
