Cboe Global Markets Inc announced on Tuesday that its CEO Edward Tilly has resigned after failing to disclose personal relationships with colleagues.
The owner of the Chicago Board Options Exchange and the stock exchange operator BATS Global Markets said board member Fredric Tomczyk has been named CEO, effective immediately.
"Fred's familiarity with Cboe's business, combined with his multi-decade experience in the financial services industry, will provide stability and reinforce the company's commitment to growth for Cboe, its associates, customers, index partners, and investors during this period of transition," Cboe Global Markets director William Farrow said in statement.
Tomczyk joined Cboe's board in July 2019, having previously served as CEO of TD Ameritrade (NASDAQ:AMTD) Holding Corp and was also the former vice chairman of TD Bank Financial Group.
Tilly served as CEO of Cboe for more than 10 years and resigned following the conclusion of an investigation led by the board and outside independent counsel that began in late August.
Cboe added that Tilly’s conduct was not related to and does not impact the company's strategy, financial performance, technology and market operations, reporting, or internal controls.
Shares of Cboe Global Markets rose 3% to $156.13 in late-morning trading on Tuesday and have gained 24% year to date.
Contact Sean at sean@proactiveinvestors.com