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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported)
August 18, 2003
CHICAGO MERCANTILE EXCHANGE HOLDINGS INC.
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(Exact Name of Registrant as Specified in Charter)
Delaware 001-31553 36-4459170
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
30 South Wacker Drive, Chicago, Illinois 60606
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(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code: (312) 930-1000
N/A
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(Former Name or Former Address, if Changed Since Last Report)
ITEM 9. Regulation FD Disclosure.
On August 18, 2003, Chicago Mercantile Exchange Holdings Inc. issued
a press release, a copy of which is attached hereto as Exhibit 99.1.
EXHIBIT INDEX
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Exhibit
Number Description
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99.1 Press Release, dated August 18, 2003.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
CHICAGO MERCANTILE EXCHANGE HOLDINGS INC.
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Registrant
Date: August 19, 2003 By: /s/ Kathleen M. Cronin
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Kathleen M. Cronin
General Counsel & Corporate Secretary
EXHIBIT 99.1
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CHICAGO MERCANTILE
EXCHANGE HOLDINGS INC.
NEWS RELEASE
Media Contacts
Ellen G. Resnick, 312/930-3435
Anita Liskey, 312/466-4613
news@cme.com
Investor Contact
John Peschier, 312/930-8491
FOR IMMEDIATE RELEASE
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CHICAGO MERCANTILE EXCHANGE APPOINTS CRAIG S. DONOHUE
TO SUCCEED JAMES J. McNULTY AS CHIEF EXECUTIVE OFFICER
AT YEAR-END
Phupinder Gill to Join CME's Office of the CEO As President and Chief
Operating Officer
CHICAGO, Aug. 18, 2003 - The Board of Directors of Chicago Mercantile
Exchange Holdings Inc. (CME Holdings, NYSE: CME) announced today that it has
appointed Craig S. Donohue to the position of Chief Executive Officer of CME
Holdings and Chicago Mercantile Exchange Inc. (CME), effective Jan. 1, 2004.
Donohue will succeed James J. McNulty, currently President and Chief
Executive Officer, who will be stepping down on Dec. 31, 2003, when his
contract expires. McNulty also informed the Board today that he will resign
his Board seat when he leaves the company. The Board expects to appoint
Donohue to fill the remainder of McNulty's term as a Director.
Donohue, currently Executive Vice President and Chief Administrative
Officer, serves with McNulty in the two-person Office of the CEO. The Office
of the CEO was established last October as part of a CME CEO succession plan.
Effective with these changes, CME today also appointed Phupinder
Gill, currently Managing Director and President of the CME Clearing House
Division, to the newly created role of President and Chief Operating Officer
of CME Holdings and CME, reporting to Donohue within the Office of the CEO and
also effective Jan. 1. Gill, who will work closely with Donohue in
implementing strategic initiatives, will be responsible for overseeing the
Information Technology, Operations and Clearing House divisions of the
Exchange.
CME Chairman Terrence A. Duffy said, "Craig has played a leading role
for 14 years in every facet of our business, and he has an intimate knowledge
and understanding of CME, our industry and the competitive landscape in which
we operate. Craig was instrumental in helping CME achieve our demutualization
and IPO and virtually every major initiative and agreement the Exchange has
reached in the last decade. Consistent with our succession plan, we believe
that Craig is the right person to continue to lead CME in partnership with our
strong Board and management leadership team."
"I am honored to have the confidence and support of the Board and
look forward to working closely with our Board and talented employees in CME's
next stage of development," Donohue said. "Our strategy is to continue to
leverage our dynamic and diversified business model, as we seek new growth
opportunities in the marketplace. We will continue to focus intensely on
creating shareholder value through innovation and execution of product,
service and technology enhancements that benefit our customers."
Commenting on McNulty's announcement, Duffy said, "Jim was the right
man at the right time for CME. Jim has done a terrific job in executing the
Board's strategic vision for CME. He played an integral role in managing the
IPO process, guiding CME's intensive technology investment strategy and
helping to instill a shareholder value culture and model public company
processes. Jim assembled one of the industry's strongest management teams and
presided over the exceptional growth of GLOBEX volume from 64,000 contracts
per day to 1.3 million in July. We look forward to Jim's continued
contributions throughout the remainder of this year, and we wish him all the
best in his future endeavors."
McNulty said, "I am proud of the achievements that CME has made
during my tenure as President and CEO. We completed the first demutualization
and IPO of a U.S. exchange, attracted numerous talented executives and
increased our commitment to electronic trading. I want to thank the Board for
the opportunity to be involved in this extraordinary time in CME's history.
Together we have accomplished a great deal, and I am confident that the
management team will maintain a culture of growth and innovation. I will be
assisting in the leadership transition during the remainder of my term."
"Phupinder Gill has served CME with distinction for 15 years," Duffy
added. "Gill's straightforward manner and approachability, combined with his
intelligence and leadership, have earned him a reputation as one of the most
respected officials in the futures industry worldwide. He will be instrumental
in helping guide CME in his role as President and Chief Operating Officer."
"I am very gratified to have the opportunity to serve CME in this
expanded role and to further build on CME's operational excellence," said
Gill.
Donohue, 41, has served as Executive Vice President and Chief
Administrative Officer, Office of the CEO, since October of 2002. Prior to
that, he served as Managing Director and Chief Administrative Officer of CME
Holdings from its formation on Aug. 2, 2001 and of CME from April 2001.
Previously, Donohue served as Managing Director, Business Development and
Corporate/Legal Affairs of CME, as Senior Vice President and General Counsel
of CME and as Vice President of the Division of Market Regulation. In all of
these roles, he has contributed significantly to setting the organization's
vision and developing growth strategies to expand CME's core business and
global distribution. Donohue first joined CME in 1989 as a staff attorney.
Prior to joining CME, Donohue was associated with the Chicago law firm of
McBride Baker & Coles, where he worked on corporate and securities law
matters.
A 15-year veteran of CME, Gill, 42, has served as President of CME's
Clearing House Division since 1998. Prior, he held several positions,
including Options Specialist, Senior Risk Analyst, Senior Director of Risk
Management and Vice President, before his promotion to Senior Vice President
in 1997. Throughout his tenure at CME, he has overseen virtually every
function performed by the Clearing House, including operations, risk
management, collateral management, audits, settlements, trade processing,
systems development and deliveries. Gill is leading the implementation of the
CME/CBOT Common Clearing Link, the historic agreement reached with the Chicago
Board of Trade(R) (CBOT(R)) to provide clearing services for all CBOT products
beginning in November 2003, which will make CME's Clearing House the largest
clearing organization for derivatives in the world.
Chicago Mercantile Exchange Holdings Inc. became the first publicly
traded U.S. financial exchange on Dec. 6, 2002. The company was added to the
Russell 1000(R) Index on July 1, 2003. It is the parent company of Chicago
Mercantile Exchange Inc. (www.cme.com), the largest futures exchange in the
United States. As an international marketplace, CME brings together buyers and
sellers on its trading floors and GLOBEX(R) electronic trading platform. CME
offers futures contracts and options on futures primarily in four areas:
interest rates, stock indexes, foreign exchange and commodities. The exchange
moved about $1.5 billion per day in settlement payments in the first half of
2003 and managed $29.1 billion in collateral deposits at June 30, 2003.
Statements in this news release that are not historical facts are
forward-looking statements. These statements are not guarantees of future
performance and involve risks, uncertainties and assumptions that are
difficult to predict. Therefore, actual outcomes and results may differ
materially from what is expressed or implied in any forward-looking
statements. More detailed information about factors that may affect our
performance may be found in our filings with the Securities and Exchange
Commission, including our most recent Annual Report on Form 10-K, which is
available in the Investor Information section of the CME Web site. We
undertake no obligation to publicly update any forward-looking statements,
whether as a result of new information, future events or otherwise.
Further information about Chicago Mercantile Exchange Holdings Inc.
and Chicago Mercantile Exchange Inc. is available on the CME Web site at
www.cme.com.
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