The International Securities Exchange (ISE) has announced that its current president and CEO, David Krell, will retire on January 1, 2008. Krell will remain a member of the ISE’s Board of Directors. Pending the appropriate approvals, the Board expects to elect Krell Chairman, replacing current chairman Frank Jones, who will also stay on as a member of the Board.

As per the ISE’s succession plan, Gary Katz, the current chief operating officer, will become president and CEO when Krell steps down. Katz will also become a member of the Board upon assuming his new position.

Krell and Katz cofounded the ISE and have jointly managed the company since 1997. Katz was also one of the principal developers of the ISE’s auction market structure. In his current position as COO he oversees the ISE Options Exchange and ISE Stock Exchange, as well as heading up four of the ISE corporate divisions — corporate initiatives, technology, marketing, and finance and administration.