NEW YORK, July 9 (UPI) -- The New York Mercantile Exchange Friday named outgoing U.S. Commodity Futures Trading Commission Chairman James Newsome as its new president.
The appointment is effective August 2.
Newsome submitted his resignation to the CFTC on Thursday. His term was not set to expire until June 2006. Newsome succeeds J. Robert Collins, who left the exchange by mutual agreement after his contract expired June 30.
"We feel privileged to have someone of Jim's stature head up our staff," NYMEX Chairman Mitchell Steinhause said. "He demonstrated by far the most forward-thinking, pro-business stance of any CFTC chairman. We expect him to add a great deal of value through his insight into the international marketplace, his strategic planning skills, and his thorough understanding of our industry."
Newsome's appointment concludes an abbreviated executive search and quiet negotiations that began in mid-June.
The big-name appointment by the world's largest energy exchange is somewhat delicate, as the CFTC has yet to conclude its investigation of last winter's sharp run-up in NYMEX natural gas futures prices.
Prior to joining the CFTC, Newsome served as executive vice president of the Mississippi Cattlemen's Association and as chairman of the Mississippi Agribusiness Council.
A native of Plant City, Fla., Newsome received his B.S. degree in food and resource economics from the University of Florida and his M.S. and Ph.D. degrees in animal science and agricultural economics from Mississippi State University.
