Source: International Securities Exchange
The International Securities Exchange Holdings, Inc. (NYSE: ISE) said today that on November 6, 2007, its Board of Directors formally elected a new Chairman and Chief Executive Officer, in accordance with the Company's executive succession plan announced earlier this year.
David Krell, a co-founder of the Company, will retire from his position as ISE's President and Chief Executive Officer and will become Chairman effective January 1, 2008. The Board elected Gary Katz, also a co-founder and currently ISE's Chief Operating Officer, to serve as the Company's President and Chief Executive Officer. Mr. Katz will also join ISE's Board of Directors commensurate with his new position as Chief Executive Officer. Frank J. Jones, Ph.D. will step down as Chairman of ISE, but will remain on the Board of Directors.
"It was my honor and privilege to nominate David Krell to succeed me as Chairman of the International Securities Exchange," said Frank Jones. "David has been a true visionary in the derivatives industry and has led the Company as CEO since its inception. As he takes on this new role, I am confident that his insight and experience will enable ISE to remain at the forefront of this rapidly evolving industry."
"On behalf of the ISE Board of Directors, I would like to express our deep appreciation to Frank Jones for the dedication and guidance that he provided to us during his Chairmanship. I am pleased that Frank has agreed to remain on the Board and look forward to continuing to work together as I assume my new role as Chairman," said David Krell. "I am also delighted that the Board unanimously elected Gary Katz to the role of President and Chief Executive Officer. This leadership change is a natural progression in the evolution of ISE's executive management team, and Gary's knowledge and experience will be invaluable in the coming years as he leads ISE as it expands its global footprint and evolves further as a multi-asset class business."
"I want to thank David for the leadership that he has provided to the entire ISE team as President and CEO over the past ten years. His strategic focus and unwavering commitment have been instrumental in the establishment and successful growth of our Exchange," added Gary Katz. "It is my privilege to take over the role of President and CEO."