CBOE Names Chapman as New Chairman

Alger B. (Duke) Chapman, a 54-year-old veteran of the securities industry, will become chairman and chief executive of the Chicago Board Options Exchange.

The exchange, the nation’s largest options market, announced Monday that Chapman will succeed Walter E. Auch, 65, who earlier announced his plans to leave the CBOE after seven years.

Chapman, who begins his tour with the CBOE on Sept. 1, currently is vice chairman of American Express Bank Ltd. in London.

From July, 1979, to June, 1980, Chapman was a director of the CBOE at a time when Auch was just beginning to guide the exchange through a period of explosive growth.

“In a sense, returning to CBOE will be going home,” Chapman said in a statement. “Many of the issues that are now center stage in the options industry and at CBOE were just beginning to percolate during my tenure on the board. Today, these issues are more critical than ever.”