Chicago Board of Trade president Vitale resigns

David Vitale has resigned as president and chief executive of the Chicago Board of Trade (CBOT). Bernard Dan, an executive vice-president at the exchange who joined from Cargill Investor Services in 2001, where he was president and chief executive, will replace Vitale.

Vitale was in the second year of a four-year contract with the exchange. CBOT chairman Nickolas Neubauer declined to describe Vitale's severance package or respond directly to a reporter's suggestions that Vitale had failed to work well with CBOT members.

According to the CBOT, in informing the CBOT board of directors of his resignation, Vitale said, "When I came to the CBOT, I told you my number one goal was to make the exchange a better place, to have the membership say at the end of each year that this institution was running much better than it was at the beginning of the year." Vitale continued, "As I prepare to leave, I believe I can say we achieved that goal."

In a press conference, yesterday, CBOT chairman Neubauer echoed Vitale's assertion. "I think the membership has been quite pleased with the results we've had over the past two years," Neubauer said.

Meanwhile, the CBOT promoted Carol Burke from general counsel to the newly created position of chief of staff. Burke joined the exchange in 1983.