Cboe CEO Edward Tilly Resigns

Cboe Global Markets CEO Edward Tilly has resigned due to undisclosed personal relationships with colleagues, according to the exchange operator’s announcement on Tuesday. In his place, the board has appointed Fredric Tomczyk, a board member.

The resignation of Tilly comes after a thorough investigation conducted by the board and an external independent counsel, which was initiated in late August. Following the news, Cboe shares closed 2.8% higher, reaching $155.87.

The company stated, “The Board of Directors determined that Tilly did not disclose personal relationships with colleagues, which violated Cboe’s policies and stands in stark contrast to the company’s values.”

Tilly began his career at Cboe as a trading floor clerk in 1987 and eventually ascended to the role of CEO in 2013. He received a total compensation of $11.9 million for the year 2022.

During Tilly’s tenure, Cboe’s stock value nearly quadrupled from $39 to $157, according to LSEG data. He also substantially increased annual revenues, growing them from $572 million to $1.7 billion last year, as reported by Andrew Bond, managing director and senior fintech analyst at Rosenblatt Securities. Bond commented, “When he became CEO, he grew that business from a little options exchange to a global, fintech and exchange leader. He really diversified the business. He was there to build an empire.”

Steve Sosnick, chief strategist at Interactive Brokers, highlighted Tilly’s contribution to making options trading more accessible to the general public. Sosnick noted, “Probably the most meaningful move he made for Cboe shareholders was re-upping their exclusive contract with S&P, which gives Cboe a monopoly on an entire suite of key products.”

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