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Industry: Email Alert RSS FeedVitale out at CBOT. (Midstream Switch).
Futures (Cedar Falls, Iowa), December, 2002 by Collins, Daniel P.
The man that Chicago Board of Trade (CBOT) Chairman Nickolas Neubauer hired to lead the storied exchange into the new world of demutualization won't be there to see it happen. CBOT President and CEO David Vitale resigned Nov. 5, amid rumors of squabbling over the details of the CBOT restructuring.
Vitale is replaced by Executive Vice President Bernie Dan, who was hired from Cargill by Vitale.
Neubauer wouldn't comment on reasons for Vitale's early exit -- three years remained on his contract -- however, Neubauer did say that the CBOT wanted to get away from the 1990's corporate model that spawned Enron and other failures, and it wanted to instill a corporate management that was isolated from ownership.
"We looked at what corporate...
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