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AMEX BEGINS SEARCH FOR NEW CHAIRMAN TO SUCCEED JONES FOLLOWING CLINTON'S ANNOUNCEMENT HE INTENDS TO NOMINATE HIM AS U.S. AMBASSADOR TO MEXICO

 NEW YORK, June 2 /PRNewswire/ -- The American Stock Exchange has named a seven-member panel to conduct the search for a new Exchange chairman to succeed James R. Jones following President Clinton's announcement today that he intends to nominate him as the new U.S. Ambassador to Mexico.
 The search committee, named by Jones and confirmed by the Amex Board of Governors, will be co-chaired by G.G. Michelson, senior advisor to and member of the board of R.H. Macy & Co., Inc., and Joel L. Lovett, vice chairman of the Amex board who is president of Jacee Securities Inc. Mrs. Michelson was elected to the board last year as a public governor. Lovett, who has been a regular member of the Exchange since 1968, is a specialist on the trading floor. Others named to the search committee are:
 -- Edwin S. Crooks, Jr., an Exchange official and president of Crooks, Oscher & Co., Inc., an Amex member firm.
 -- Jerome P. Kenney, executive vice president and member of the board of Merrill Lynch & Co., Inc.
 -- Jeffrey S. Silverman, chairman and president of Ply Gem Industries, Inc., an Amex listed company.
 -- Robert J. Van Caneghan, vice president and secretary of Miceli-Van Caneghan & Co., Inc., and a specialist on the Amex trading floor.
 -- Paul A. Volcker, chairman of James D. Wolfensohn Incorporated, and Frederick H. Schultz Professor of International Economic Policy at Princeton University. Volcker is a former member of the Federal Reserve System.
 Kenney, Silverman, Van Caneghan and Volcker are present members of the Amex Board of Governors, and Crooks is a former member of the Board.
 Mrs. Michelson and Lovett said there is no fixed timetable for the search, saying "we will get the best qualified person as quickly as possible." Jones said he will work with his successor in order to effect a smooth transition. Jones' appointment as ambassador is subject to U.S. Senate confirmation.
 Jones had served in Congress and later practiced law in Washington prior to becoming the 15th chairman in Amex history. He succeeded Arthur Levitt Jr., who is President Clinton's nominee as the next chairman of the Securities and Exchange Commission.
 The Amex Board last year extended Jones' contract as chairman to the end of 1994. He had been named chairman on Oct. 12, 1989, and took over the following month.
 Jones leaves a strong legacy. The Exchange last year set an all- time annual equity volume record, as well as reaching a new high in the Amex Market Value Index. To date, equity volume is running at another record pace for the year, and the Amex index, in reaching new highs, has outperformed all other major indices.
 The Amex has been profitable in 17 of the last 18 years, a trend carrying through so far in 1993. Significant accomplishments during Jones' tenure were the creation of the Emerging Company Marketplace (ECM), the forming of strategic alliances with stock exchanges in several foreign countries, and the launch of major derivative products such as options on the Standard & Poor's MidCap 400 Index, and the S&P Depositary Receipts (SPDRs), which is a unit investment trust holding a portfolio of common stocks that tracks the S&P 500 Index.
 The ECM gives companies too small to qualify for the Amex primary list the option of trading in an auction market environment. Jones noted that 25 percent of the ECM companies attracted the financial following and grew sufficiently to transfer to the regular Amex list in ECM's first year.
 Listings for the Amex's primary market are exceeding last year's mark and members' equity is near an all-time high.
 A major development under Jones was his reorganization of the Amex management structure to focus on two business lines -- equities and derivatives. The reorganization has projected the Amex as the premier marketplace for mid size growth companies and for derivative products.
 Recognizing the need to fill a niche in the industry and remain competitive to retain that role, Jones placed heavy emphasis on technology. During his tenure, heavy capital investments have been made to upgrade technology and to provide trading floor services faster, cheaper and more efficiently to members and investors.
 Jones also worked to develop strategic alliances with other domestic exchanges to combine operational strengths and increase efficiencies. Internationally, he extended the Amex's presence by signing information sharing agreements with stock exchanges in Argentina, Chile, Brazil, Hong Kong and Malaysia.
 Jones also left his mark in the area of public policy. He believes that all U.S. securities markets should be held to the strict regulatory measures imposed on the exchange auction markets.
 This idea centers around the principle that the public investor should have priority over the professional dealer. The Exchange's position on this issue has been expounded in Market 2000 comment letters to the Securities and Exchange Commission and in Jones' testimony before congressional panels. Market 2000 is the first comprehensive review of the U.S. equities markets by the SEC since the mid-1970s.
 Jones said, "Our most important customers are the companies who list their securities here and the investors who trade them. That commitment will continue because it is ingrained in all of our officers and employees."
 -0- 6/2/93
 /CONTACT: Joan Allen, 212-306-1650, or Bob Shabazian, 212-306-1630, or home, 201-385-0746, both of the Amex/


CO: American Stock Exchange ST: New York IN: FIN SU: PER

GK -- NY058 -- 4516 06/02/93 13:43 EDT
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Date:Jun 2, 1993
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