IPE Chief Ward Becomes Vice Chairman Following Successful Adoption of All-Electronic Trading; Peniket Promoted to President.LONDON -- Richard Ward, formerly Chief Executive Officer of the International Petroleum Exchange (IPE IPE - Integrated Programming Environment ), will assume the new role of Vice Chairman of the Exchange for the next six months, after which he will become a consultant to the Exchange, following the transition to electronic trading  This article or section is in need of attention from an expert on the subject.Please help recruit one or [ improve this article] yourself. See the talk page for details. that was completed this year. Assuming day-to-day oversight of the IPE is David Peniket, who has been promoted to President in addition to his role as Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . Dr. Ward will leave the Exchange in April and will assume a consulting role, as he embarks on new pursuits. As Vice Chairman through April, he will help provide management continuity and oversee industry relationships. In a letter to members Dr. Ward said: "Now that the IPE has successfully completed its transition to all-electronic trading, I am beginning a transition of my own....I am very proud of our achievements as Europe's largest energy exchange and of the smooth conversion which so many of you made to electronic trading. With your support, we have experienced significant volume growth and enviable market share." IPE Chairman Sir Bob Reid said: "We are all grateful to Richard for the integral role he has played over the last six years as Chief Executive. He leaves an organization much stronger for his contribution." ICE Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Jeffrey C. Sprecher said: "Richard has led the IPE through a period of great change, including demutualization Demutualization The process of changing corporate structure from a mutual fund company to some other form, such as a limited liability or corporation. Notes: This means mutual/life insurance companies convert from policyholder companies to stock companies. , the acquisition by ICE and the transition to fully electronic trading. We are pleased that we will continue to benefit from his experience and relationships over the next year and wish him the best as he pursues new endeavors." ICE acquired the London-based energy futures and options exchange in 2001 and completed the transition from open-outcry to electronic trading in April 2005. About IntercontinentalExchange IntercontinentalExchange(R) (ICE)(R) operates the leading electronic global futures and OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). marketplace for trading energy commodity contracts. These contracts include crude oil and refined products, natural gas, power and emissions. ICE conducts its markets for futures trading through its subsidiary, the International Petroleum Exchange (IPE), Europe's leading energy futures and options exchange. ICE also offers a range of risk management and trading support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services , including cleared OTC contracts, electronic trade confirmations and energy market data. ICE is based in Atlanta, Georgia with offices in Calgary, Chicago, Houston, London, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Singapore. For more information, please visit www.theice.com. |
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