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The Clearing
Corporation Announces Resignation of CEO
Chicago, February 25, 2005
The
Clearing Corporation ("CCorp") announced today that
Dennis A. Dutterer has resigned as President and Chief Executive
Officer. The Board of Directors is in the process of identifying
a new CEO to carry out the implementation of its long-term
business plan. Mr. Dutterer, 60, will assist in the transition
through March 31.
Michael
Dawley, Chairman of the Board of Directors, said: "The
Clearing Corporation is making steady progress in its transition
to a new business model that encompasses technology and software
development and consulting services, in addition to its clearing
and settlement services. We thank Dennis for his capable stewardship
- he is truly one of the industry's leading experts in clearing
and settlement -- and we look forward to working with his
successor in seeing through the full implementation of our
business plan."
Mr.
Dutterer said: "It has been an extraordinary 20 years
with the Clearing Corporation, especially the last two years.
I am pleased to have had the opportunity to work with the
Board of Directors as we restructured the corporate organization
and to work with a tremendous staff to initiate an exciting
new business model. I believe that CCorp is now poised to
achieve its long-term goals, and I am very confident that
its future is bright. I look forward to a new stage in my
professional career."
For
78 of its first 80 years in business, the Clearing Corporation's
primary role was to provide clearing and settlement for one
client. In 2003, CCorp's stockholders overwhelmingly approved
a corporate restructuring that positions CCorp to offer a
diversified range of technology and consulting services beyond
clearing and settlement. The Clearing Corporation now serves
numerous clients in a variety of different markets, including
Eurex AG, the world's largest futures exchange, with whom
it is engaged in implementing a revolutionary Global Clearing
Link. CCorp's recent acquisition of onExchange, a leading
financial technology services company, is also yielding new
business agreements and opportunities.
Mr.
Dutterer joined The Clearing Corporation in 1985 and was appointed
President and CEO in 1998. He was formerly Executive Vice
President, Chief Administrative Officer and General Counsel
of The Clearing Corporation. From April 2000 to January 2001,
he also served as Interim President and CEO of the Chicago
Board of Trade. Prior to joining The Clearing Corporation,
he served as General Counsel of the Commodity Futures Trading
Commission (CFTC) from 1981 to 1983. From 1983 to 1985, he
was a partner in the Washington, D.C. law firm of Wiley, Rein
and Fielding. Before beginning professional activities in
the commodities industry, he practiced as a trial lawyer from
1973 to 1977 at the United States Department of Justice, and
served from 1977 to 1981 as Assistant United States Attorney
for the District of Columbia. From 1978 to 1981, he was Deputy
Chief of the Civil Division of the United States Attorney's
Office.
About The Clearing Corporation
The Clearing Corporation, a stockholder-owned, Delaware corporation
now in its 80th year of business, is the only active independent
futures clearinghouse in the world. Additional information
on The Clearing Corporation is available at www.clearingcorp.com.
Media contacts:
CCorp Andrew Yemma, Intermarket Communications +1-212-888-6115
x 225
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