The Montreal Exchange has named Jean Turmel as chairman of its board of directors.

Turmel, a new director at the Exchange, is an executive at National Bank of Canada, where he has worked since 1981. In 1999, Turmel was chairman of the task force created by the Quebec government to examine the scope and implications of restructuring Canadian exchanges, a project initiated by the Montreal Exchange.

Carmand Normand, a director at the Montreal Exchange since 1996, was appointed vice chairman of the board.
Jacques Nadeau, who has been chairman since 1999, will continue to sit on the board.

The ME reported $38.6 million in revenue for the year ended Dec. 31, 2003, a rise of 18.4% from the previous year.

The exchange posted an operating profit of $5.4 million. Final profit for the year was $6.5 million, compared with $61,000 in 2002.