Chicago Board Options Exchange (CBOE) Global Markets issued a statement on the 19th, saying that Chief Executive Edward Tilley had resigned after an investigation found that Tilley did not disclose personal relationships with some colleagues.
Bloomberg News reported that Cboe has appointed board member Fredrik Tomczyk to take over as CEO, effective immediately. Cboe said in a statement: “The Board determined that Tilly did not disclose personal relationships with certain colleagues, which not only violated Cboe’s policies, but also seriously contradicted the company’s values.” Tomczyk joined Cboe’s board of directors in mid-2019.
Cobbe emphasized that Tilly’s behavior would not affect the company’s strategy, financial performance or market operations. Cboe’s board of directors and external independent legal counsel launched an investigation later in August. Cboe US shares rose nearly 3% in early trading on the 19th.
Tilley has been at the helm of Cboe for more than a decade, during which time Cboe’s stock price has more than tripled. Cboe has opened a new trading floor and actively expanded into crypto in recent yearscurrencymarket.
Tomczyk previously served as vice president at TD Bank Financial Group in Toronto and London Life andInsuranceChairman of the group.Later he served in Demelisecurity(TD Ameritrade) Holdings Inc. As Chairman and CEO for eight years until 2016.