ISE announces succession plan

The International Securities Exchange (ISE) has announced its senior management succession plans, following the news that David Krell, president and chief executive, will retire on January 1, 2008.

Upon his retirement, Krell will remain on the board of directors of the New York-based exchange. At that time, Krell will be elected as chairman of the board, according to ISE. Gary Katz, its chief operating officer, will succeed Krell as president and chief executive in January. Katz will also join ISE's board of directors.

Krell and Katz co-founded ISE in 1997. Their working relationship extends over 21 years, beginning in 1986 when Katz joined the options and index products division of the New York Stock Exchange, which Krell headed.