CME Group released its slate of candidates for its board of directors for election at the company's annual meeting to be held Wednesday, May 9, 2018. The list of recommendations was missing too very familiar names: Leo Melamed and Jack Sandner.
The CME simultaneously announced that Melamed and Sandner were retiring from the board. Both will serve as consultants to CME Group for two years following the end of their current terms this May, and Melamed will continue to retain his title of Chairman Emeritus.
Below are the retirement announcements from CME.
CME Group Announces Retirement of Leo Melamed
CME Group today announced that Chairman Emeritus Leo Melamed will retire from the CME Group Board of Directors at the conclusion of his current term in May 2018. Following his retirement, Melamed will serve as a consultant to the company for the next two years. After that time, Melamed will continue to retain his title as Chairman Emeritus.
"On behalf of the CME Group Board and Management Team, we sincerely thank Leo Melamed for his decades of service to our company and our industry," said CME Group Chairman and Chief Executive Officer Terry Duffy. "Leo's invention of financial futures and pioneering of electronic trading shaped the financial markets as we know them today, and his contributions will continue to have an impact in the future. We wish him well and look forward to working with him as a consultant."
"Bringing the CME Group from butter and eggs to a financial institution has been a work of love," said Melamed. "I offer my thanks to all the CME officials, board members, and employees over the years, without whose efforts it could not have been accomplished. I also want to thank Chairman and CEO Terry Duffy for his outstanding leadership, and wish him and the Board continued success."
Melamed is recognized as the founder of financial futures and introduced the International Monetary Market in 1972. He has served as Chairman Emeritus of CME Group since 1997 and as a board member since 1967. Melamed was CME Chairman of the Board from 1968 until 1976 and held various board leadership positions over the last three decades. He also played a leading role in the development of the CME Globex electronic trading system in 1992.
Melamed currently serves as Chairman and CEO of Melamed & Associates, a global consulting group, and as advisor to the National Futures Association, the International Advisory Council of the CSRC in China, and Leap Innovations. He serves on the board of overseers of the Becker Friedman Institute of the University of Chicago, and as a director of The Chicago Council on Global Affairs. Melamed is a published author of several books and the recipient of multiple awards around the world. He holds Doctor of Letters distinctions from the University of Illinois, Loyola University, DePaul University, the Tokyo based Waseda University, and a Doctor of Humane Letters from Sacred Heart University.
CME Group Announces Retirement of Jack Sandner
CME Group today announced that Retired Chairman Jack Sandner will step down from the CME Group Board of Directors at the conclusion of his current term in May 2018. Following his retirement, Sandner will serve as a consultant to CME Group for two years.
"We sincerely thank Jack Sandner for his more than 40 years of leadership at CME Group," said CME Group Chairman and Chief Executive Officer Terry Duffy. "He made an incredible impact on our markets, our business and our role in the community. Likewise, he has been a valuable member of the board. We are pleased to be working with him in his consulting role."
"It has been an honor and privilege to have served on the board of this extraordinary institution for over four decades, and I look forward to my new role," Sandner said.
Sandner has served on the CME Group Board since 1978 and as a member of CME for more than 45 years. He served as Chairman of CME from 1980-82, 1985-87 and 1990-97, and as Special Policy Advisor to CME from 1998 to 2005. Sandner served as Chairman of E*Trade Futures, LLC, from 2003 to 2013 and as President and CEO of RB&H Financial Services, a futures commission merchant and clearing firm, from 1985 to 2003.
Sandner is a trustee of The University of Notre Dame, Rush University Medical Center, The Museum of Science and Industry of Chicago, and the Shedd Aquarium. He is Chairman of The Cancer Institute at Rush University Medical Center and sits on the boards of the National Futures Association and the Civic Committee of the Commercial Club of Chicago. He also is a member of the Economic Club of Chicago.