The Chicago Mercantile Exchange (CME) has reorganised its senior management structure to prepare the exchange for becoming a public company and position itself for entering new arenas, says Jim McNulty, president and chief executive officer.
The new senior management team will consist of nine managing directors, all reporting to McNulty, who are responsible for overseeing each major facet of the CME’s business.
“This is a world-class management team that will position the CME as the premier global marketplace of the 21st century,” says McNulty. “These changes will enable us to adopt an intense customer focus, enhance employee development and training opportunities, achieve the highest standards of excellence in the technology and systems area, and adopt a shareholder value metric system that will guide our decision making in the future.”
Joining the CME to assume two of the new positions are Satish Nandapurkar and Lewis Ting. Nandapurkar will serve as MD of e-Business, responsible for developing a new line of e-business and business-to-business opportunities for the exchange. Nandapurkar has extensive experience in developing exotic options and other structured global derivative products and in developing applied technologies for trading them.
Ting, who has more than 20 years of experience in human resources and international relations, will be MD of organisational development, charged with creating new employee development and training initiatives. Ting has served as a senior consultant to companies on issues relating to human resources, employee development and organisational change.
Craig Donohue will assume the role of MD of Business Development and Corporate/Legal Affairs. Donohue, who has helped spearhead the CME’s strategic planning efforts for the past two years, has served as senior vice president and general counsel. The areas of business development and strategic planning, legal, market regulation, corporate and government relations and corporate communications will report to Donohue.
Phupinder Gill will be MD and president of the CME Clearing House Division. He has served as president of the division, overseeing all aspects of the exchange’s critical clearing function, since 1998.
Amy Savin, who has been senior vice president, GLOBEX and marketing programs, will be MD and chief marketing officer, continuing to oversee the GLOBEX2 and technology marketing, advertising and market data services areas, and responsible for the exchange’s Creative Services function.
David Gomach, currently senior vice president and chief financial officer, will be MD and CFO, responsible for finance, accounting, internal audits and purchasing.
Donald Serpico, executive vice president of operations, will be MD of Operations. In addition to overseeing telecommunications and trading floor operations, he will assume responsibility for the exchange’s building operations, security and document processing services areas.
McNulty says he will also name an MD of product development and sales, and an MD and chief information officer.
The CME has filed a registration statement with the Securities and Exchange Commission (SEC) for its demutualisation plan, which will transform the member-owned institution into a for-profit, shareholder-owned corporation. When the SEC declares the registration statement effective, the exchange will send its members a proxy statement and hold a membership vote at least 20 days after. A favourable Internal Revenue Service tax ruling is also required for the transaction to proceed.