Incumbent Elected Chicago Board of Trade Chairman
Dec. 13, 1990
CHICAGO (AP) _ Incumbent Chairman William O'Connor turned back an independent trader's challenge Wednesday and was elected to his first full two-year term as chairman of the Chicago Board of Trade.
O'Connor won with 557 votes. Challenger Patrick Arbor received 503 votes.
O'Connor had taken over the position in August when former Chairman Karsten ''Cash'' Mahlmann resigned after his commodities trading firm collapsed.
Independent trader Dale Lorenzo, running unopposed, was elected to a two- year term as first vice chairman. Carl Zapffe was elected to the new post of second vice chairman by a 722-306 margin over Peter Todebush.
Mahlmann resigned in August after the collapse of the Stotler Group, a commodities trading company he headed. Last year, Mahlmann won a fourth consecutive term as Board of Trade chairman. O'Connor succeeded Mahlmann in August.
O'Connor, who will begin his new term Jan. 21, and Arbor are former vice chairmen of the exchange. Neither could be reached for comment after the results were disclosed late Wednesday.
O'Connor, with his brother Edmund, operates O'Connor & Co., a grain trading company.
During the campaign leading up to the election, both men staked claims as progressive thinkers.
O'Connor said he earned his progressive stripes by forming a committee to govern member-rim financing, leading the drive for common goals with the rival Chicago Mercantile Exchange, and lobbying members for approval of the Globex electronic trading system negotiations.
Arbor said he was the candidate for change because he favored forming a satellite exchange in Hawaii to offer Board of Trade products in a time-zone more favorable to Asian business interests.
In September, Arbor came out in support of the Board of Trade exploring a merger with the Merc.
Thomas E. Neal, Richard L. Sandor, David J. Fisher, John F. Benjamin and David E. Blum each won election to three-year terms on the exchange's Board of Directors.