CBOE's Brodsky Plans To Continue As Chief Executive

William Brodsky, one of the U.S. exchange industry's longest-serving executives, said Wednesday that he has no plans to depart his post as chief executive of CBOE Holdings Inc. (CBOE) anytime soon.

Brodsky, 66, said that the newly public exchange operator has a succession strategy in place and a "very deep bench" of senior employees to draw upon in the future.

"I'm as energized today as I was 10 years ago," said Brodsky, who has led CBOE since 1997, at an event Wednesday. "My father spent 60 years on Wall Street, and I've only been here for 42, so I have some way to go."

Prior to heading CBOE, Brodsky ran the Chicago Mercantile Exchange, now known as CME Group Inc. (CME), as president and CEO from 1985 to 1997.

CBOE, parent of the Chicago Board Options Exchange, has stepped up corporate governance practices in the run-up to its $300 million initial public offering last June.

Brodsky, who also serves as chairman, said at a media briefing Wednesday that CBOE has shrunk the size of its board of directors to 19 from 23 members over the past year, and intends to downsize further by May.

The compensation committee of CBOE's board oversees succession planning. Brodsky on Wednesday declined to comment on specifics of the current strategy.

-By Jacob Bunge, Dow Jones Newswires; 312-750-4117; jacob.bunge@dowjones.com

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