Brody Named First Chairman of the Comex

Alan J. Brody has been elected chairman of the Commodity Exchange Inc., the exchange announced Thursday.

The Comex, the world’s largest metals futures exchange, said Brody was elected chairman Wednesday at the Comex board of governors’ annual meeting.

Brody, 34, has been president of the exchange since 1981 and also is its CEO. His election as chairman followed the board’s decision last June to create a full-time, salaried chairmanship, an innovation for a commodities exchange. The position of president was eliminated.

Previously, the member companies of the exchange elected a part-time chairman from their ranks to serve a one-year term. Brody now will serve at the pleasure of the board for an unspecified term.

The board also reelected Andrew F. Brimmer as first vice chairman of the exchange. Brimmer is a former governor of the Federal Reserve Board.