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ISE appoints four new board members

09 May 2007  |  980 views  |  0 Source: International Securities Exchange

The International Securities Exchange Holdings, Inc. (NYSE: ISE) today announced that two new members are joining its Board of Directors.

Joseph Stefanelli and Kenneth Vecchione are replacing Ivers Riley and Mark Kritzman who are retiring from the Board due to term limits.

Mr. Stefanelli and Mr. Vecchione will also join the Board of International Securities Exchange, LLC (ISE LLC), ISE's operating company. In addition, Leonard Ellis and Randy Frederick will join the ISE LLC Board as the representatives of ISE LLC's Competitive Market Makers (CMMs) and Electronic Access Members (EAMs), respectively. Mr. Ellis and Mr. Frederick replace James Harkness and William Porter, who are also retiring from the Board due to term limits, in these positions.

Mr. Stefanelli served in various senior positions at the American Stock Exchange from 1984 to 2002, including Executive Vice President of Equities and Executive Vice President of Derivatives Securities. Throughout his distinguished career, Mr. Stefanelli has served on various options advisory committees and also as a director of The Options Clearing Corporation from 1995 to 2002. Mr. Stefanelli has also taught at the New York Institute of Finance.

Mr. Vecchione joined MBNA America Bank in 1998 and, most recently served as Vice-Chairman and Chief Financial Officer of MBNA Corporation from 2004 to 2006. Mr. Vecchione's previous experience includes serving as Chief Financial Officer of AT&T Universal Card Services from 1997 to 1998 and Chief Financial Officer and Group President of First Data Corporation's Electronic Funds Management business from 1994 to 1997. He also worked at Citigroup for 17 years, where he was Chief Financial Officer of their credit card business. Mr. Vecchione is a board member and Chairman of the Audit Committee for Affinion Group. He holds a B.S. in Accounting from the University of New York at Albany.

Mr. Ellis has been the Head of Equity Derivatives in the Americas for Citigroup since July 2006. He has held various management roles in Equity Derivatives at Citigroup since joining the firm in August 2000. Mr. Ellis worked at Bankers Trust from 1990 to 1999, where he ran the US Equity Derivatives Trading Business. Mr. Ellis is a graduate of the University of Pennsylvania where he received bachelor degrees in Finance from the Wharton School and Mathematics from the College of Arts and Sciences.

Mr. Frederick has been the Director of Derivatives for Charles Schwab and Senior Registered Options Principal of CyberTrader Inc. since 2000. He is one of the chief architects of both CyberTrader and Schwab's option trading platforms and analytics tools. He is the author of monthly columns in Schwab's client-exclusive newsletters and has published several articles in Active Trader, SFO, and Futures magazine. Mr. Frederick is a frequent guest on CNBC and his comments appear regularly in the financial news media including The Wall Street Journal, Barron's, Financial Times, and Bloomberg. He has been a member of the ISE Allocation committee since 2002. Mr. Frederick is a graduate of Indiana University, where he received a B.S. in Marketing.

David Krell, ISE's President and Chief Executive Officer, said, "We are pleased to welcome Joseph and Kenneth as independent directors on ISE's Boards and Leonard and Randy as representatives of our CMM and EAM members. We are fortunate to have such distinguished industry veterans serve on our Boards of Directors and we look forward to the expertise that they will bring to their new positions."

In addition to the newly elected Board members, Barbara Diamond and Richard Schmalensee were re-elected to serve another two-year term on the Boards of ISE Holdings and ISE LLC. David Krell, ISE's President and Chief Executive Officer, was re-elected to serve a one-year term. Sean Flynn, a trader at market maker Timber Hill LLC, was also re-elected for a two-year term as the representative of ISE's Primary Market Makers (PMMs) on the ISE LLC Board.

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