William Brodsky has his wife, Joan, to thank for a suggestion that boosted his career.
Her advice came in the spring of 1973 when Brodsky told her it was going to be a “bad year for the stock market.”
“My firm had already lost so much money, I was told there wouldn’t be any bonus, which we really relied on,” Brodsky said.
Joan, a high school Latin teacher, saw that setback as an opportunity.
“She encouraged me to write an article about something that would distinguish me from everyone else,” Brodsky said. “That way, even if our firm didn’t have a good year, I’d have personally accomplished something important. It was the best career advice I ever received.”
Brodsky’s firm had just purchased a charter seat on the then-new Chicago Board Options Exchange for $10,000. His assignment? Qualifying the firm for its seat by taking the first CBOE options exam.
“I didn’t know a put from a call,” said Brodsky. “So, I used studying for the exam as the basis for an article I wrote for a securities law magazine on the CBOE’s rules. When that article was published in June, I was viewed as an options expert.”
Brodsky, 63, has been CBOE chairman and chief executive since 1997.
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Q. When did you decide you wanted to work on Wall Street?
A. My dad, Irwin, started as a Wall Street messenger in 1928. He worked his way up while going to undergrad and law school at night.
The way some fathers and sons would pore over the sports pages, my dad and I would pore over the stock tables in the evening paper. I’ve always liked the action of the markets.
Q. So, your capitalistic instincts came from reading the stock tables?
A. Not altogether. My first job was selling The New York Times at my high school. The paper cost 3 cents. I could charge 5. My predecessor sold 20 papers daily.
I told social studies teachers if they would require their students to read the paper for class, I’d give them their subscriptions free. I sold 500-600 papers a day and used the money to make my first stock purchases.
I became the most successful New York Times paperboy of that time. One perk was having lunch with James Reston and Harrison Salisbury, two star columnists, in the Times executive dining room.
Q. Who have been your mentors?
A. Michael Sawyer, a constitutional law professor at Syracuse [University], got me the job with neighborhood legal services in Syracuse.
When I was about to graduate from law school and wasn’t sure whether to stick with poverty law or go to Wall Street, Michael suggested Wall Street. He said I could do more good for people if I had money.
Newt Minow, Lester Crown and their wives have been invaluable in teaching Joan and me how to navigate the civic and charitable scene.
Q. How has your personal life fared as you’ve moved up the ladder?
A. I met Joan through her brother, my fraternity brother and roommate at Syracuse. We’ve been married for over 40 years. She’s my best supporter, toughest critic and confidant. Today, she volunteers at Newberry Library as a conservator.
Our three sons graduated from Syracuse, Kellogg [School of Management] and Northwestern Law [School]. Michael, 39, is a Pritzker family portfolio manager. Stephen, 36, is president of the Chicago Stock Exchange’s holding company. And, Jonathan, 33, is vice president with a local portfolio management firm, Advisory Research Inc. We’ve got three great daughters-in-law, Aleta, Liz and Lena, and four wonderful grandchildren.
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Step by step
1997-present: Chairman and chief executive, Chicago Board Options Exchange
1985-97: President and CEO, Chicago Mercantile Exchange
1982-85: Executive vice president and chief operating officer, Chicago Mercantile Exchange
1979-82: Executive vice president, American Stock Exchange, New York City
1974-79: Vice president, trading and markets/vice president, options/special counsel, government relations, American Stock Exchange
1968-74: Compliance and legal officer, Model, Roland & Co., New York
1968: Law degree, Syracuse University, Syracuse, N.Y.
1966-68: Part-time legal assistant , Onondaga County Neighborhood Legal Services, Syracuse
1965: Bachelor of arts degree, political science, Syracuse University
1965: Summer internal audit clerk, J&W Seligman & Co., New York
1964: Summer trading clerk, Edwards & Hanley, New York
1962-63: Summer camp counselor, Massachusetts
1961: Summer odd-lot clerk, DeCoppett & Doremus, New York
1959-61: New York Times delivery boy
