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The NYSE Euronext (NYX) Board of Directors has appointed Duncan L. Niederauer to be Chief Executive Officer, effective Dec. 1, 2007 to fill the position vacated by John A. Thain, who has accepted the role of Chairman and Chief Executive Officer at Merrill Lynch.
"In Duncan, we move forward with an outstanding individual who has contributed to our global business strategy and has in-depth knowledge and experience in securities trading and the rapidly evolving exchange landscape," said Jan-Michiel Hessels, Chairman, NYSE Euronext. "On behalf of the NYSE Euronext Board of Directors, I look forward to working with Duncan on producing value for our customers and shareholders and building upon the growth and success realized in recent years.
"My colleagues on the board and I wish John Thain well in his new role at Merrill Lynch," Mr. Hessels added. "John has led NYSE Euronext and the New York Stock Exchange with great strategic skill, and a true commitment to growth, innovation and value creation. John's numerous accomplishments will continue to serve our company and our constituents very well in the years to come."
As per the NYSE Group-Euronext merger agreement, the appointment of Mr. Niederauer is subject to the non-objection of the European College of Regulators. Following confirmation, Mr. Niederauer will become a member of the NYSE Euronext Board of Directors.
NYSE Euronext's Duncan Niederauer said: "I am excited about the opportunity to lead this great company. NYSE Euronext is uniquely positioned to build upon our leadership role in financial services on a global scale and to produce exceptional value for customers and shareholders. We have a well-defined business strategy in place, and I look forward to continuing to work with our global team and our customers in the years ahead."
Mr. Thain led the successful transformation of the New York Stock Exchange into a customer-oriented, publicly traded, and diversified global financial marketplace with the mergers with Archipelago Holdings and Euronext N.V.
"It has been an honor and privilege to have led the world's leading financial marketplace and to have been part of an exciting business transformation," said Mr. Thain, who joined the New York Stock Exchange as CEO on January 15, 2004. "With the outstanding commitment of a talented management team and staff, we modernized and diversified our business model for the benefit of our customers and shareholders, and pioneered global market consolidation. As the brand leader worldwide, NYSE Euronext is a more customer-focused organization and has a well-defined strategy for the future."
Jean-Francois Theodore, Deputy CEO, said: "It has been a privilege to work with John Thain, under whose leadership we have successfully achieved the creation of the first and only global exchange group. I very much look forward to working with Duncan, whose exceptional market and business knowledge will enable us to successfully continue the development and implementation of our global strategy."
About Duncan L. Niederauer
Duncan L. Niederauer, 48, joined NYSE Euronext as President and Co-Chief Operating Officer of NYSE Euronext on April 9, 2007. He is a member of the NYSE Euronext Management Committee with responsibility for U.S. cash equities operation including Institutional and Member Firm Client Group sales and client services for both NYSE and NYSE Arca.
Mr. Niederauer was Managing Director and Co-Head of the Equities Division Execution Services franchise, Goldman, Sachs & Co. He joined Goldman in 1985 and the Equities Division in 1987. In 2000, Mr. Niederauer relocated to the headquarters of Spear, Leeds & Kellogg. In that capacity he managed the firms' global clearing and execution business. He also ran the Equities E-Commerce effort, was the global head of portfolio trading and spent time in Tokyo in Derivatives and Japanese products.
Mr. Niederauer has served on the board of managers of Archipelago Holdings, LLC and thereafter served as an observer to Archipelago's board of managers in a non-voting capacity until their conversion to a Delaware corporation in August, 2004.
He earned an MBA from Emory University and a BA from Colgate University, where he currently serves on the Board of Trustees.
About John A. Thain
Mr. Thain, 52, became Chief Executive Officer and a Director of NYSE Euronext following the NYSE Group and Euronext N.V. merger. Mr. Thain had been Chief Executive Officer and Director of NYSE Group, Inc., upon the March 8, 2006 merger with Archipelago Holdings and the New York Stock Exchange. He joined the NYSE on January 15, 2004, serving as Chief Executive Officer and a Director.
Prior to joining the NYSE, Mr. Thain served as president and chief operating officer of Goldman Sachs Group, Inc. since July 2003 and was previously president and co-chief operating officer from May 1999 through June 2003; he had been a director since 1998. He was president and co-chief operating officer of The Goldman Sachs Group, L.P. in 1999. From 1994 to 1999, Mr. Thain served as chief financial officer and head of operations, technology and finance. From 1995 to 1997, he was also co-chief executive officer for European operations.
Mr. Thain is a member of The MIT Corporation, the Dean's Advisory Council - MIT/Sloan School of Management, INSEAD - U.S. National Advisory Board, the James Madison Council of the Library of Congress and the Federal Reserve Bank of New York's International Capital Markets Advisory Committee. He is also a member of the Board of Managers of The New York Botanical Garden, a member of the Business Roundtable, a member of the Board of Directors of the French-American Foundation and a governor of the New York-Presbyterian Foundation, Inc., a trustee of New York-Presbyterian Hospital and a General Trustee of Howard University.
Mr. Thain received an MBA from Harvard University in 1979 and a B.S. degree from Massachusetts Institute of Technology in 1977.
