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CBOE BOARD OF DIRECTORS RE-ELECTS FLOERSCH TO FOURTH TERM; CHAIRMAN REAPPOINTS SHAD, ZECHER AS PUBLIC DIRECTORS

 CHICAGO, Jan. 12 /PRNewswire/ -- The board of directors of the Chicago Board Options Exchange (CBOE) today unanimously re-elected William C. Floersch, an independent market maker, to serve an unprecedented fourth consecutive one-year term as the exchange's vice chairman, as well as chairman of the executive committee. Floersch was unopposed.
 In addition, CBOE Chairman Duke Chapman reappointed two public directors to the exchange's board to serve additional two-year terms. They are the Honorable John Shad, former chairman of the Securities and Exchange Commission (SEC) and former ambassador to The Netherlands, and Dr. J. Richard Zecher, president and chief executive officer of UBS Asset Management (New York) Inc.
 Shad has served on the board since 1990, and Zecher has served on the board since 1979.
 The public director appointments are part of the 21-person CBOE Board of Directors, which is made up of 15 exchange members or executive officers of the exchange's member organizations, four public directors, in addition to the CBOE's chairman and president.
 Regarding his re-election, Floersch said: "I am pleased to serve a fourth term as vice chairman at a time in which the exchange has made great strides to develop and expand its customer base among retail and institutional investors, to further diversify and expand its product line, to heavily emphasize the education of potential market users and to successfully meet the challenge of industry competition.
 "In this final term, I am particularly interested in expanding our competitive edge in product innovation, technology and customer service,'' Floersch continued. ``The liquidity we generate in our open outcry style of trading is the envy of the world, but we also must be committed to remaining at the forefront of technological efficiency."
 A CBOE member since 1974, Floersch, 49, has served on the CBOE board since 1988 and previously from 1984 to 1985. He also has been an active member of the exchange's major committees and task forces over a 17-year period, which has included participation on the CBOE Technology Task Force and the market performance and floor directors committees.
 Prior to becoming an exchange member, Floersch was involved in various block trading and institutional sales positions for Lehman Brothers, Freehling and Co. and The Milwaukee Co. He began his career in over-the-counter and block trading at Hornblower & Weeks - Hemphill, Noyes.
 Floersch holds a B.A. degree in Banking and Finance from the University of Arkansas.
 CBOE, regulated by the SEC, is the pioneer of listed options and the world's largest options marketplace.
 -0- 1/12/94
 /CONTACT: Stan Lata, 312-786-7392 or Bonnie Greenberg, 312-786-7393, both of CBOE/


CO: Chicago Board of Exchange ST: Illinois IN: FIN SU: PER

WB -- NY058 -- 1011 01/12/94 13:39 EST
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Publication:PR Newswire
Date:Jan 12, 1994
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