Magazine article Modern Trader

CBOT Hires New CEO

Magazine article Modern Trader

CBOT Hires New CEO

Article excerpt

The hunt for the man who will lead the Chicago Board of Trade (CBOT) into the brave new world of demutualization is over. On Feb. 20, the exchange announced David J. Vitale would be assuming a four-year term as president and CEO. Vitale is a former vice-chairman and director of Bank One Corp. He also was a public director of the Chicago Board Options Exchange (CBOE), a position he resigned before he officially took the reins of the CBOT on March 1

"[Vitale's] leadership and his belief in our future come at a critical time as we move to complete our restructuring strategy," says CBOT Chairman Nickolas Neubauer. "He has an action plan that I believe will bring added value and growth to the Chicago Board of Trade."

Vitale says that the restructuring of the CBOT into a for-profit exchange is his number-one priority. To get there, he must work to resolve the dispute over trading rights between the CBOT and CBOE. …

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