ISE Announces Chairman and CEO Succession Plan
April 02 2007 - 8:00AM
Business Wire
International Securities Exchange Holdings, Inc. (NYSE: ISE) today
announced that David Krell, ISE�s President and Chief Executive
Officer, will retire on January 1, 2008. Upon his retirement, Mr.
Krell will remain on ISE�s Board of Directors, and the Board
intends to elect Mr. Krell as its Chairman, pending required
approvals. Gary Katz, ISE�s Chief Operating Officer, will succeed
Mr. Krell as President and Chief Executive Officer at that time.
Mr. Katz will also join ISE�s Board of Directors commensurate with
his new position as Chief Executive Officer. Messrs. Krell and Katz
are co-founders of ISE, have managed the Company since its
inception, and have worked closely to lead ISE to its current
position as the largest equity options exchange in the world. Their
working relationship extends over twenty-one years and began in
1986 when Mr. Katz joined the Options and Index Products division
of the New York Stock Exchange which Mr. Krell headed. Following
their tenure at NYSE, Messrs. Krell and Katz founded ISE in 1997
along with William Porter, then Chairman of E*Trade, and his
colleague Marty Averbuch. Mr. Katz is one of the principal
developers of ISE's unique auction market structure and is named as
inventor or co-inventor on six patents that ISE has received or
applied for relating to its proprietary trading system and
technology. As Chief Operating Officer, Mr. Katz currently oversees
ISE�s Options Exchange and Stock Exchange and has responsibility
for four of ISE�s corporate divisions: Corporate Initiatives,
Technology, Marketing, and Finance and Administration. Frank Jones,
Chairman of ISE, said, �On behalf of the ISE Board of Directors, I
am delighted to announce that we intend to elect David Krell as our
next Chairman. David has guided ISE since its founding, and his
expertise and vision will continue to further the Company�s growth
in this new role. It was my honor to take over the Chairmanship
from Ivers Riley and to serve ISE�s shareholders and Board, and it
will be my privilege to nominate David for this position. Following
the transition, I will remain a member of the Board and look
forward to working with David and Gary in their new capacities.� �I
am very pleased to continue my service to the Board in the role of
Chairman and am confident that Gary�s appointment as ISE�s next CEO
will ensure a smooth and seamless transition, enabling the Company
to maintain its strategic direction in the years to come,� said
David Krell. �Gary and I have worked together for over twenty-one
years, and there is no one more knowledgeable or better equipped to
take over as CEO upon my retirement. Since ISE�s inception, Gary
has been instrumental in defining the Company�s long-term strategy
and executing our key business objectives. As COO with oversight of
the day-to-day operations of the Company, his contributions to the
growth and profitability of ISE have been invaluable, and this
leadership will continue in his new role.� Gary Katz added, �I am
thrilled that the Board has selected David to become ISE�s next
Chairman. As co-founders of ISE, we have had a unique opportunity
to build a business together from the ground up, creating what is
now the world�s largest equity options exchange and, more recently,
launching the ISE Stock Exchange. I am delighted that David has
agreed to take on the role of Chairman and remain involved with our
Company. Looking ahead, this is a particularly exciting time for
ISE, and David and I will continue our close collaboration as we
assume our new leadership roles. We are delivering many elements of
the strategic vision that we have set forth. We are continuing to
grow our equities exchange and pursue new opportunities as ISE
evolves into a multi-asset class business and expands its global
footprint.� ISE will be seeking changes to its corporate documents
at its annual meeting on May 8, 2007 to allow Mr. Krell to be
elected to the Board and appointed Chairman upon his retirement as
President and CEO. Following stockholder approval, these changes
will be subject to regulatory approval. ISE Background
International Securities Exchange Holdings, Inc. (NYSE: ISE),
through its subsidiaries, operates a family of innovative
securities markets. ISE is founded on the principle that technology
and competition create better, more efficient markets for investors
and consists of an options exchange, a stock exchange and an
alternative markets platform. ISE continually enhances its trading
systems and develops new products to provide investors with the
best marketplace and investment tools to trade smarter. ISE
developed a unique market structure for advanced screen-based
trading systems and in May 2000 launched the first fully electronic
US options exchange. Currently, ISE operates the largest U.S.
equity options exchange and is among the leading options exchanges
in the world. ISE offers index options, including a portfolio of
proprietary index products, and enhanced market data products for
sophisticated investors. ISE FX Options� are slated to launch in
2007. ISE Stock Exchange, launched in September 2006 with strategic
partners, includes an innovative MidPoint Match� platform which
offers investors continuous price improvement. MidPoint Match was
integrated with a fully displayed Best Bid Offer market in the
fourth quarter of 2006. ISE�s alternative markets business
currently consists of an events market trading platform known as
Longitude. Longitude�s patented and proprietary technology provides
a unique parimutuel structure for derivatives auctions which
results in greater trading and pricing flexibility for market
participants. For more information about ISE and its options
exchange, visit www.iseoptions.com and for more information about
ISE Stock Exchange, visit www.isestock.com. Additionally, to learn
more about ISE alternative markets technology, visit
www.longitude.com. Forward Looking Statements Certain matters
discussed in this press release are �forward looking statements�
intended to qualify for the safe harbor from liability established
by the Private Securities Litigation Reform Act of 1995. These
statements relate to future events or our future financial
performance, and involve known and unknown risks, uncertainties and
other factors that may cause our actual results, levels of
activity, performance or achievements, to be materially different
from those contemplated by the forward looking statements. We
undertake no ongoing obligation, other than that imposed by law, to
update these statements. Factors that could affect our results,
levels of activity, performance or achievements and cause them to
materially differ from those contained in the forward looking
statements can be found in our filings with the Securities and
Exchange Commission, including our annual report on Form 10-K,
current reports on Form 8-K and quarterly reports on Form 10-Q, as
amended.
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