IntercontinentalExchange (NYSE: ICE), the leading electronic energy marketplace and soft commodity exchange, today announced the appointment of Scott A. Hill as Senior Vice President, Chief Financial Officer of ICE.
A 16-year international finance executive for IBM, Hill will become the CFO of ICE effective May 14, 2007. Richard V. Spencer, ICE Senior Vice President and CFO since December 2001, was recently appointed Vice Chairman of the New York Board of Trade, and has been named to the newly created post of Vice Chairman of ICE.
"We are thrilled to bring Scott into our rapidly expanding organization and believe his range of practical experience in accounting, corporate finance and strategic planning and execution, as well as in mergers, acquisitions and business integrations will be invaluable," said ICE Chairman and CEO Jeffrey C. Sprecher. "Scott's talent and track record, including challenging assignments in the U.S, Europe and Asia, will make him a valuable addition to our management team as we pursue a wide range of corporate and strategic initiatives to build long-term value for shareholders."
"I look forward to joining the highly-regarded ICE management team and contributing to the continued growth of the company," said Scott Hill. "The opportunity to be a part of the most dynamic, global and entrepreneurial company within the derivatives sector is truly exciting. Coming from a blue-chip diversified technology company, I was impressed by ICE's business model, level of technology sophistication and platform for growth."
Spencer will serve as Vice Chairman of ICE and NYBOT, as well as a member of the NYBOT Board of Directors. Spencer will remain Vice Chairman through the end of 2007 to facilitate the transition of the CFO responsibilities to Hill, and he will serve as a strategic financial advisor to ICE.
Sprecher added: "Richard has played a valuable role on the management team since he joined us in 2001. We are grateful for his contributions to date, including overseeing the process of our IPO in 2005, our secondary offering and the acquisition of the NYBOT, as well as his leadership in the successful integration of the NYBOT. We are pleased to have the benefit of Richard's counsel in his role as Vice Chairman of ICE and as he supports Scott in his transition to the CFO role."
"It has been truly gratifying to be a member of the ICE management team and to build on our successes as an organization over the past five years," said Richard Spencer. "I am pleased to be able to assist with the transition and to continue to work with Jeff, Scott and the ICE and NYBOT boards as we execute on the opportunities ahead."
Hill served as Vice President and Controller of IBM Japan's multi-billion dollar business operation from 2003 through 2005. Most recently, he returned to the corporate office in New York to oversee IBM's worldwide financial forecasts and measurements, working alongside the CFO of IBM and with all of the company's global business units.
Joining IBM in 1991 as an accounting analyst, Hill was promoted through a number of finance roles until he was named Manager of Financial Consolidation and Pricing in 1998. He moved to Paris in 2000 to serve as Financial Controller of IBM's multi-billion dollar European Technology Services business. In 2002, he returned to IBM's headquarters to work with the IBM CFO. He soon became Assistant Controller and Head of Financial Strategy and Budgets for IBM, working on financial modeling and capital structure.
A native of Texas, Hill earned a BBA in Finance with high honors from the University of Texas in Austin and an MBA from New York University, where he was recognized as a Stern Scholar. Spencer joined ICE from Crossroads Investment Advisers, L.P., a private equity investment firm, where he served as President from 1998 to 2001. Previously, he was a Senior Vice President with the Private Funds Group of Donaldson, Lufkin & Jenrette and a director with the Private Equity Group of Merrill Lynch in Atlanta. From 1990 to 1994, Spencer oversaw the Canadian operations of First Chicago. He has also worked in corporate finance, marketing and underwriting roles for Bear, Stearns and Co., Inc. and Goldman, Sachs & Co.
Separately, IntercontinentalExchange, Inc. (NYSE: ICE) reported record quarterly consolidated net income for the first quarter of 2007 of $55.6 million, an increase in quarterly earnings of 183% compared to $19.7 million in net income for the first quarter of 2006.
Consolidated revenues in the quarter increased 152% to a record $126.6 million, from $50.3 million in the first quarter of 2006. Diluted earnings per share in the first quarter of 2007 were $0.80, a 142% increase compared to $0.33 in the same period in 2006. ICE completed the acquisition of the Board of Trade of the City of New York, Inc. (NYBOT) on January 12, 2007, when it became a wholly-owned subsidiary of ICE. The first quarter of 2007 represents the first quarter that NYBOT is included in ICE's financial results. NYBOT will be reported as a separate business segment in the company's consolidated financial statements.
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