LORD OF THE BOARD: RAISED IN BRIDGEPORT AND TRAINED IN THE WAYS OF POWER AT RICHARD J. DALEY'S RIGHT HAND, THOMAS R. DONOVAN HAS BEEN CEO OF THE CHICAGO BOARD OF TRADE FOR 17 YEARS. NOW, THE EXCHANGE IS FACING CHANGES THAT WILL PUT HIS POLITICAL SKILLS TO THE ULTIMATE TEST.

Crain's Chicago Business, March, 1999 by STRAHLER, STEVEN R.

When executives with jobs like Thomas R. Donovan's get shoved aside, there's always talk about how tough it is to manage such a peculiar business with shareholders sitting (and often ranting) on the premises. Except that Mr. Donovan, the president and CEO of the Chicago Board of Trade (CBT), is still in place after nearly 17 years -- longer than the tenure of all but three or four counterparts at major Chicago companies.

The things that would drive a typical CEO crazy -- conflicting constituencies, director turnover and 3,400 very visible owners -- are sustenance to Mr. Donovan, who learned the art of conflict resolution as Mayor Richard J. Daley's last right-hand man. At 61, he is serving his eighth chairman -- or is it the other way around? -- at the...

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