Intntl Sec Exchange (NYSE:ISE)
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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.