Rosemary T. McFadden, the highest-ranking woman in the futures industry, has resigned as president of the New York Mercantile Exchange, the Merc's board of directors announced today. A newspaper report said she was pressured to leave because of policy disputes.
McFadden, a lawyer, has headed the Merc since 1984.
After her resignation takes effect at the end of the month, McFadden will serve as a special adviser to the exchange and consult with the board on long-term strategic issues, Chairman Z. Lou Guttman said in a statement.
Guttman said the reorganization is "designed to make the exchange even more effective and responsive to the challenges of the future."
But unidentified sources cited in today's Wall Street Journal said McFadden was being pressured to resign because of longstanding policy disputes. The paper did not identify what specific issues were involved.
"The NYMEX board feels that I can better serve the exchange in my new strategic advisory capacity," McFadden said in the statement. "I look forward to that opportunity."
During her tenure, the number of contracts traded on the exchange jumped from 5 million in 1984 to 34 million in 1988. In addition, the exchange also added contracts for crude, heating oil and gasoline options as well as a propane futures contract.