Nyse Euronext (NYX), today announced that Hugh Freedberg will succeed Andre Villeneuve as Chairman1 of Nyse Liffe, the company's global derivatives business, and Garry Jones, currently Executive Director of Business Development and Strategy of Nyse Liffe, will assume Mr. Freedberg's role as Group Executive Vice President & Head of Global Derivatives, effective May 1, 2009.
Mr. Villeneuve is to retire as Chairman following six years of service, representing two three-year terms.
"On behalf of NYSE Euronext, I want to thank Andre Villeneuve for his distinguished service and Hugh Freedberg for his decade long tenure as the head of the derivatives business," said Duncan Niederauer, NYSE Euronext Chief Executive Officer. "Our derivatives business experienced unprecedented growth and transformation under Hugh's guidance. With Garry and his team, I am confident that we have the right organization and strategy in place to capitalize on the unique opportunities and challenges ahead."
Mr. Freedberg said, "Ten years ago, we sought to transform our business in light of growing international competition and a rapidly changing industry. We reinvented our business model by converting to a for-profit company from a member-based mutual club, refocusing on the customer, and deploying state-of-the-art technology throughout our operating infrastructure. I have been very fortunate to work with an outstanding group of professionals and I would like to thank them. Together, we achieved a great deal and established a solid foundation to build upon. I am honored to succeed Andre Villeneuve and thank him for his much valued partnership."
As Chairman of NYSE Liffe, Mr. Freedberg will work to ensure the NYSE Liffe Board meets its regulatory, legal and strategic obligations, and enjoys a strong relationship with the management team, regulators, legislators and the industry-at-large. He will remain on the board of NYSE Liffe US.
Added Garry Jones, "As one of the world's leading derivatives markets, NYSE Liffe has built an exceptional franchise that is poised to innovate, compete and grow in our traditional markets, in America and throughout the world. This is an exciting and challenging period for NYSE Liffe and the global
As Group Executive Vice President & Head of Global Derivatives, Mr. Jones will also become a member of the NYSE Euronext Management Committee, subject to regulatory approval, and lead the NYSE Liffe Executive Committee comprising Thomas Callahan, CEO of NYSE Liffe US , and Mark Ibbotson, the newly appointed Chief Operating Officer of NYSE Liffe.