Summary
Intercontinental Exchange, Inc. (ICE) announced a significant change to its Board of Directors with the appointment of Sharon Bowen. Ms. Bowen brings extensive regulatory experience, having served as a Commissioner of the U.S. Commodity Futures Trading Commission (CFTC) and Vice Chair of the Securities Investor Protection Corporation (SIPC). Her appointment, effective December 8, 2017, increases the Board size from 11 to 12 directors and is expected to enhance the board's oversight and strategic direction, particularly given her background in market risk and regulatory affairs. Ms. Bowen has been determined to be an independent director, aligning with NYSE and SEC requirements. She will receive standard compensation for non-employee directors, including an annual cash retainer and restricted stock units, with potential for additional compensation if appointed to board committees. This move signals ICE's commitment to maintaining strong governance and leveraging experienced leadership to navigate the evolving financial markets.
Key Highlights
- 1ICE appointed Sharon Bowen as a new director to its Board of Directors, increasing the Board size from 11 to 12 members.
- 2Ms. Bowen brings significant regulatory experience, having served as a Commissioner of the U.S. Commodity Futures Trading Commission (CFTC) and Vice Chair of the Securities Investor Protection Corporation (SIPC).
- 3The Board determined that Ms. Bowen qualifies as an independent director, meeting all applicable independence requirements.
- 4Ms. Bowen will receive compensation consistent with ICE's non-employee director arrangements, including a $100,000 annual cash retainer and $175,000 in restricted stock units.
- 5Her appointment is effective immediately as of the filing date, December 8, 2017.
- 6Ms. Bowen previously held a partner position at Latham & Watkins LLP.
- 7A press release detailing this appointment is attached as Exhibit 99.1.