By IANS
Washington : The US-India Business Council (USIBC) representing 250 of the largest American companies investing in India has appointed Nelson Chai, executive vice president and chief financial officer of NYSE Euronext, to its board of directors.
NYSE Euronext, the holding company created by the combination of NYSE Group, Inc. and Euronext N.V., was launched Apr 4 this year. NYSE Euronext operates the world’s largest and most liquid exchange group and offers the most diverse array of financial products and services.
In Jan 2007, the NYSE Group, Inc. acquired a five percent equity position in the Mumbai-based National Stock Exchange of India Limited (NSE). Currently, NYSE Euronext has 11 companies from India listed on the NYSE and one on Euronext.
Nelson said of his appointment: “NYSE Euronext has benefited greatly by membership in USIBC, as the council advocates for issues of importance to our company, our customers and our shareholders. I look forward to serving on the USIBC Board and contributing to the council’s strategy as we continue to enhance and deepen the valued partnership between the India and the United States.”
Charles “Chip” Kaye, chairman of USIBC, and co-president of the private equity firm Warburg Pincus welcomed Nelson Chai onto the USIBC Board, saying, “Nelson’s financial background, his extensive worldwide experience, and his particular involvement in the NSE in Mumbai make Nelson a tremendous asset for the US-India Business Council.”
Prior to the combination of NYSE Group and Euronext, Chai was Executive Vice President and Chief Financial Officer of NYSE Group, where he played a key role in the company’s procurement of a minority stake in India’s NSE.
Chai was the Chief Financial Officer of Archipelago since June 2000 and was instrumental in the company’s merger with NYSE Group. Before joining Archipelago, Chai was Senior Vice President of business development and a member of the Executive Committee of Dade Behring, Inc., a leading manufacturer of medical diagnostics products.