The Dubai Mercantile Exchange, a joint venture between the New York Mercantile Exchange and project finance company Dubai Holding, has appointed a chairman and chief operating officer. It comes ahead of a crucial Nymex board meeting with shareholders today.

Ahmad Sharaf, chief executive officer of Dubai Energy becomes chairman of the Dubai Mercantile Exchange. Gordon Rutledge, a former Nymex board member, becomes chief operating officer and will also take on the position of interim chief executive until a permanent replacement can be found.