The Board of Directors at the Chicago Board of Trade has named Dennis Dutterer as its interim president and CEO. Dutterer will be taking a leave of absence from his position as president and CEO of the Board of Trade Clearing Corporation, the separate entity responsible for the CBOT's clearing and settlement. The announcement follows Tom Donovan's unexpected resignation from the position two weeks ago. Dutterer will assume responsibilities at the CBOT immediately, as the Board begins the search for a permanent candidate.
Dutterer's move to the interim position is expected to last somewhere between two and six months, says a source close to the CBOT. The Board selected Dutterer because of his familiarity with its operations and current initiatives, as well as his legal experience. "He is very well-versed in Washington politics and has a good understanding of the political and regulatory end," says the source. Before serving as president and CEO of the BOTCC, Dutterer was its executive vice president, chief administrative officer and general counsel. Prior to that, he served as general counsel to the Commodities Futures Trading Commission.
The source adds that Dutterer will be working on CBOT initiatives already underway, including its strategic technology partnership with Eurex and its demutualization plan. "He is going to actively and aggressively bring all these strategic initiatives to fruition," the source predicts.
The CBOT is also forming a member search committee, which will work with an "internationally recognized executive recruiting firm" to find an external replacement for Donovan, says the source. The decision to look outside the CBOT for the president and CEO position comes at a time when the board is restructuring and plans to convert to a for-profit business model.
"The exchange is really looking to reach out and go in a different direction," says the source, adding that the CBOT will be seeking out an "experienced CEO with a technology background." The CBOT is also interested in finding a candidate with a "good knowledge of where the Internet is taking business," says the source. Dutterer is expected to begin working full time at the CBOT this week, and will return to the BOTCC when the permanent replacement has been selected.