Magazine article Modern Trader

CBOT Up in Arms

Magazine article Modern Trader

CBOT Up in Arms

Article excerpt

The Chicago Board of Trade (CBOT) membership is up in arms over a $200,000 bonus given to Thomas Donovan, its president and CEO, after the board of directors slashed this year's budget with staff downsizing to follow. Combined with five new directors elected in December, both events are expected to bolster the position of Chairman David Brennan and his efforts to restructure the exchange.

The new board was to hold an all-day meeting Jan. 17 to vote on a plan drafted by the reform committee. The five new directors, all of whom were chosen by the nominating committee, are considered to be independently minded and in favor of reform. One former director says the new directors aren't Brennan supporters but are in favor of what the chairman wants to accomplish. The former director says many board votes split the directors 21-to-4, but the new board should be divided more evenly on most issues. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.