MGEX (Minneapolis Grain Exchange or Exchange) today announced results of its annual Board of Directors (Board) election, held October 2, 2008. Elected candidates include Scott A. Cordes, Country Hedging, Inc.; Scott O. Hedin, St. Croix Commodities, Inc.; Christopher T. Matzdorf, UBS Securities, LLC; and Scott D. Nagel, ADM-Benson Quinn, a division of Archer Daniels Midland. The newly elected Board members will serve two year terms, effective immediately.
According to Jesse Marie Bartz, MGEX Chief of Staff and Assistant Corporate Secretary, seven candidates ran for four available positions. Voter turnout was high with 301 of a possible 399 votes cast.
The Board will meet October 14 to elect the Executive Committee, Board officers and appoint the four public directors.
“I look forward to working closely with the newly elected members of the Board while we continue to grow during the coming year,” said Mark G. Bagan, President & CEO of MGEX. “Our previous Board served our members well, brought MGEX into profitability and equipped the Exchange with both the momentum and positioning to propel us into continued profitability and a greater industry presence. On behalf of MGEX, I would like to thank them for their service, leadership and guidance which aided the Exchange in recording the most profitable year in our history.”