Pacific Exchange Elects Lynne A. Keck Vice Chairman - Members Approve Making Inactive Seat Owners Eligible for Board Of Governors

The Pacific Exchange (PCX) announced that its members elected Lynne A. Keck, President of Keck Securities, Vice Chairman of the Exchange Board of Governors. Ms. Keck was elected to fill the vacancy created by the resignation of Daniel H. Turner, who left the PCX to pursue other professional interests. Ms. Keck will serve until January 2002. She received 371 votes.

Ms. Keck is currently serving her third term as a Governor of the Exchange. She served previously as Vice Chairman in 1993, 1995, and 2000.

PCX members also approved an amendment to the Exchange Constitution, making "inactive lessors" eligible for service on the Board of Governors. (An inactive lessor leases his or her seat to another PCX member who uses it to trade on the options floor.) The amendment was adopted by a vote of 361-31. A two-thirds vote of approval was required for passage. The PCX Board has 22 seats, and the Exchange has 552 members.