The Board of Directors of Penson Worldwide, Inc. (NASDAQ: PNSN) appointed Diane L. Schueneman, 59, as an independent Director effective yesterday to fill the vacancy left by David A. Reed, 63, who resigned last Friday. Ms. Schueneman also was appointed to replace Mr. Reed as a member of the Board’s Audit and Compensation committees.

“We are extremely pleased to have Diane join our Board,” said Roger J. Engemoen, Jr., Chairman. “Ms. Schueneman is one of the financial industry's most esteemed technology and operations executives. She has significant experience with industry organizations, such as the DTCC, and as a non-executive director of ICAP plc, a company listed on the London Stock Exchange. She also has extensive knowledge regarding the trading and clearing of all major asset classes. In 2007, Crain’s New York Business named Ms. Schueneman as ‘one of the most powerful women of New York.’”

“At the same time, we want to thank David for his service and dedication to Penson since joining the Board in 2006,” Mr. Engemoen said. Mr. Reed has been the President of Capital Management LLC, general partner for Causeway Capital Partners, LP, a family investment fund, since 2000.

Ms. Schueneman served as Senior Vice President and Head of Global Infrastructure Solutions of BofA Merrill Lynch (formerly, Merrill Lynch & Co. Inc.) from April 2006 to 2008, where she was responsible for all technology, infrastructure, client services, and operations worldwide for Capital Markets, Private Wealth and Asset Management. Prior to that, she was Head of Global Operations & Infrastructure Services of BofA Merrill Lynch from October 2004 to April 2006.

Ms. Schueneman started her career at Merrill in 1971 as an Account Executive in Institutional Sales. Subsequently, she served in a number of roles with increasing responsibility in International Equities in the U.K., Global Futures Execution and Clearing Services, Global Fixed Income and Derivative Operations, Operations and Administration for Merrill Lynch Investment Managers worldwide, and Global Private Client Services & Technology Division, where she was responsible for all banking and brokerage services and technology provided to Merrill’s retail, middle market and 401K clients.

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