Business Services Industry
Chicago Mercantile Exchange Holdings Replaces Chairman.
Knight Ridder/Tribune Business News, April, 2002
By Greg Burns, Chicago Tribune Knight Ridder/Tribune Business News
Apr. 25--By a 15-5 vote, directors of Chicago Mercantile Exchange Holdings Inc. ousted Chairman Scott Gordon Wednesday, replacing him with veteran hog broker Terrence Duffy as a planned initial public offering draws near.
Insiders said Gordon had become too closely aligned with management, losing the confidence of a membership that is struggling to maintain control even as the exchange evolves into a for-profit, shareholder-owned company.
The lopsided vote was viewed as a victory for Leo Melamed and Jack Sandner, longtime Merc leaders whose paid posts as policy advisors to the board were targeted for elimination under Gordon. In addition to electing Duffy, who had...
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