Commodity Exchange Chief Hanemann Quits

From Associated Press

John H. Hanemann, the first member-elected chairman of the Commodity Exchange Inc., has resigned roughly a year after assuming the top position at the metals market, the exchange announced Friday.

Hanemann, who cited "great demands" on his personal time and finances as the reason for his resignation, will be replaced by Robert E. Fink, first vice chairman of the Comex board.

Fink, an independent floor trader, will serve as chairman until regularly scheduled board elections are held next March.

Hanemann's resignation comes two days after Arnold Staloff was appointed president and chief executive of the exchange. The announcement also comes a day after Rosemary McFadden resigned as president of the New York Mercantile Exchange. She had been the highest-ranking woman in the futures industry.

A member of the exchange since 1970, Hanemann was elected chairman in spring, 1988.

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