James S. Gallagher, who helped oversee the expansion of the Pacific Stock Exchange as its president since 1981, announced Friday that he will resign that post to pursue other opportunities.
"It's been a long time, and it's time to try something new," said Gallagher, 44, who as the exchange's operations chief oversaw its trading activities and the development of its new equities floor in Los Angeles and options floor in San Francisco.
Gallagher denied that his departure was related to the recent stock market crash or to differences with the PSE's new chairman and chief executive, Maurice Mann. He said he was not sure what he will do when his resignation takes effect in January but expects to remain in the securities industry.
"Jim's vast experience in, and knowledge of, stock exchanges and the securities industry have been extremely helpful to me, and I shall miss his advice and counsel when he leaves," Mann said. "He has decided, however, that time has come for him to pursue other challenges, and I respect that decision."
A search for a successor will probably begin soon, exchange spokesman Don Alexander said.