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The Kansas City Board of Trade announces the election of James Lammle and William G. Lapp as outside directors. Four outside directors sit on the exchange's board, along with 11 members, three of which are executive officers.
Outside directors for 2008 include: James Lammle, who retired from the Commodity Futures Trading Commission (CFTC) in 2006; William G. Lapp, Advanced Economic Solutions; Michael Braude, past president and chief executive officer of the Kansas City Board of Trade; and Barry L. Flinchbaugh, professor, agricultural economics, Kansas State University.
Lammle, who has been appointed to his first two-year term, has had a life-long association with agri-business. In 1974 he began his career as a market analysis economist with the Commodity Exchange Authority, which was the predecessor agency to the CFTC, the current U.S. futures market regulatory agency. He transferred to the CFTC in 1975. As a market analysis economist, Lammle reviewed new contract proposals and rule changes for compliance with regulations. He transferred to the Kansas City Office of the CFTC, where he assumed responsibility for market surveillance of the contracts traded on the KCBT and in 1983, contracts traded on the Minneapolis Grain Exchange. In addition to his market surveillance activities, Lammle provided market analysis for the CFTC Division of Enforcement and the FBI in commodity-related cases. Lammle retired from the CFTC in April of 2006.
Lapp, who has been appointed to his first two-year term, has more than 25 years of experience in analyzing and forecasting economic conditions and commodity markets. He recently formed Advanced Economic Solutions, which provides economic and commodity analysis to agri-business and food companies. Prior to that, he was the vice president of economic research for ConAgra Foods. Lapp currently serves on numerous boards, including the Kansas City Federal Reserve Board’s Center for the Study of Rural America, the Farm Foundation, and the Food and Agriculture Committee of the Omaha Chamber of Commerce. Lapp is a member of USDA National Agricultural Statistics Service Advisory Board and participates on the Harvard Business Industrial Economists’ Round-Table.
Braude, who is serving the second year of his two-year term, served as president and chief executive officer of the Kansas City Board of Trade from April 1984 through October 2000 before retiring. Braude currently serves as a director of Midwest Trust Company, Kansas City, Missouri; MGP Ingredients, Inc., Atchison, Kansas; and Kansas City Life Insurance Company, Kansas City, Missouri. He is a trustee of Midwest Research Institute, Kansas City, and a trustee of the Kansas Public Employees Retirement System.
Finchbaugh, who is serving the second year of his two-year term, joined the KCBT board of directors in 1997. He teaches a course in agricultural policy and lectures throughout Kansas and the nation. He joined KSU in 1971, and has conducted statewide public affairs educational programs in such areas as financing state and local government, food and agricultural policy, use value appraisal of Kansas farmland, and water policy. Flinchbaugh served for five years as chairman of the prestigious Alfred M. Landon lecture series on public issues, and served for four years as special assistant to the president of KSU.
The Kansas City Board of Trade, chartered in 1876, is the world's largest futures market for hard red winter wheat.
