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ROGER D. RUTZ, PRESIDENT OF BOARD OF TRADE CLEARING CORPORATION, RESIGNS; BOARD OF GOVERNORS TO SEEK SUCCESSOR

 CHICAGO, Aug. 26 /PRNewswire/ -- Roger D. Rutz, the Board of Trade Clearing Corporation's president and chief executive officer, announced today that he has resigned, effective immediately, to pursue new challenges and opportunities.
 Denise M. Hagerty, the corporation's executive vice president and chief operating officer, has been named interim CEO while a permanent successor is sought. The Clearing Corporation's Board of Governors has retained a leading international executive search firm to assist it in this search.
 Rutz, who had been president and CEO of the Clearing Corporation since 1984, cited personal considerations for making the move.
 "I have been CEO of the Board of Trade Clearing Corporation for nearly 10 years," Rutz stated. "The corporation and the Board of Trade have been excellent to me, and this is a decision I have been contemplating for some time.
 "This year has seen the fulfillment of the last of the personal goals I set for my tenure," Rutz continued. "We have approved the installation of new computerized clearing systems, and most recently, established a new management structure, including the hiring of Denise Hagerty as COO. With these goals accomplished, I believe that now is the time to seek new challenges and opportunities. I have often said that a CEO's tenure should be no more than 10 years."
 William M. Feldman, chairman of the Clearing Corporation's Board of Governors, spoke for the board in expressing appreciation for Rutz's accomplishments during his tenure as CEO.
 "The board originally selected Roger Rutz as CEO because of his knowledge of the markets and management expertise," Feldman stated. "During his nearly 10 years as CEO, the Clearing Corporation has achieved tremendous improvements in efficiency and effectiveness. It continues to be the lowest-cost, highest-quality provider of clearing and fiduciary services in the world, and that is due in no small part to the systems Roger has put in place.
 "Roger has also demonstrated the integrity that is essential to upholding the corporation's mission of service to the Board of Trade and its members," Feldman continued. "We are grateful for his many contributions. We will miss Roger, and wish him well in his new endeavors."
 Feldman stressed that with Hagerty acting as interim CEO, the Clearing Corporation will remain in competent hands while a new, permanent CEO is being sought. Hagerty will report directly to the board, as will Dennis A. Dutterer, the organization's executive vice president and general counsel.
 "Since taking office as COO in January, Denise Hagerty has demonstrated her ability to manage this organization effectively day to day," Feldman stated. "The board of governors has the utmost confidence that the interests of clearing members of the Board of Trade and its affiliated exchanges will be well served during this period of transition to a new, permanent CEO."
 While serving as interim CEO, Hagerty will also continue to perform her duties as COO.
 The Board of Trade Clearing Corporation is an independent but closely affiliated organization to the Chicago Board of Trade (CBOT). The Clearing Corporation conducts all post-trade processing for the CBOT, and is responsible for the financial integrity of trading as the guarantor of all trades among the corporation's 140 members and member firms.
 -0- 8/26/93
 /CONTACT: Mike Robinson, 312-786-5700, or Jim Sloan, 312-786-5700, both of Board of Trade Clearing Corporation/


CO: Board of Trade Clearing Corporation ST: Illinois IN: SU: PER

MP -- NY061 -- 6262 08/26/93 14:55 EDT
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Publication:PR Newswire
Date:Aug 26, 1993
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