May 21, 2013 / 5:06 PM / 5 years ago

Former IRS commissioner withdraws bid to join CBOE board

CHICAGO, May 21 (Reuters) - A former U.S. Internal Revenue Service commissioner has withdrawn his bid to join CBOE Holdings Inc’s board of directors as he faces fire for the agency’s targeting of conservative groups for extra tax scrutiny.

Douglas Shulman, who led the IRS from 2008 to 2012, withdrew his candidacy to serve a one-year term, according to a regulatory filing by CBOE, the parent of the Chicago Board Options Exchange, on Monday.

“We understand that Mr. Shulman’s decision to withdraw his candidacy for election was due to the timing of his testimony before Congress and was not due to any disagreement or dispute between the company and Mr. Shulman,” CBOE Chief Executive William Brodsky wrote in a letter to stockholders.

Shulman and outgoing acting IRS chief Steven Miller told Congress on Tuesday that they were unaware of the agency’s targeting of conservative groups until recently and were not deliberately misleading lawmakers last year when they did not reveal the practice.

Exasperated senators questioned the IRS officials’ truthfulness.

CBOE did not nominate a replacement for Shulman for election at its annual shareholders’ meeting, which is scheduled for Thursday.

The board may reduce the number of directors to eliminate the vacancy, allow the vacancy to remain unfilled for some period of time, or appoint a director to fill the vacancy in the future, according to CBOE.

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