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Michel D. Marks, chairman of the New York Mercantile Exchange, has announced he will resign next month.
Marks, 37, has had a 9 1/2-year tenure as chairman of the NYMEX, the third-largest commodity futures exchange in the country after the Chicago Board of Trade and the Chicago Mercantile Exchange. About 90% of its business comes from the energy contracts.
Marks said he will not seek re-election as chairman when the NYMEX board has its next scheduled election on March 17. He said he is starting a new company which will provide specialized oil market data.
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