Global Outlook 2024 Report

Newsletter

Like this article?

Sign up to our free newsletter

CBOE chairman Bill Brodsky to step down

Related Topics

William J Brodsky, Susan M Phillips and R Eden Martin, among CBOE Holdings' longest serving board members, are to step down from the board upon the closing of CBOE’s acquisition of Bats Global Markets.

Their resignations are conditional upon the transaction closing.
 
CBOE Holdings and Bats have entered into a definitive agreement that provides that at the effective time of the Bats acquisition, CBOE Holdings' board of directors will consist of 14 directors.
 
These 14 directors will include 11 directors currently serving on the CBOE Holdings board plus three individuals who are serving on the Bats board of directors immediately prior to the effective time of the Bats acquisition.
 
The CBOE Holdings' board has unanimously elected Edward T Tilly, CBOE Holdings' chief executive officer, to serve in the additional role of chairman of the board upon the closing of the transaction. The board says combining the roles of chairman and CEO will enhance the combined company's strategic alignment and support CBOE Holdings' ability to deliver shareholder value.
 
Before taking on the role of CEO in 2013, Tilly was CBOE Holdings' president and chief operating officer from November 2011 through May 2013. He served as executive vice chairman of Chicago Board Options Exchange (CBOE) from August 2006 to November 2011 and was CBOE's member vice chairman from 2004 to July 2006.  
 
Tilly says: "I am humbled and gratified, and I look forward to working closely with the Board leading CBOE Holdings into its next chapter."
 
James Boris will continue to serve as lead director. Boris has served CBOE Holdings in this capacity for a number of years, including since CBOE Holdings' initial public offering in 2010. He is the retired chairman and chief executive officer of EVEREN Securities and its predecessor, Kemper Securities.
 
Tilly says: "We owe Bill an incredible debt of gratitude. Bill has served as chairman of CBOE for nearly half of the company's history. He successfully oversaw a number of major institutional transitions throughout his tenure, including increased competition, the proliferation of electronic trading and the company's transformation from a non-profit membership organisation to a highly successful publicly traded company. I will always be grateful for his leadership, guidance and generosity over these many years."
 
Brodsky has served in key leadership positions at three financial exchanges for the past 43 years. He has served as chairman of the board of CBOE Holdings since May 2013, after serving as chairman and CEO of CBOE from 1997 to 2013.
 
Prior to joining CBOE, Brodsky served for 15 years at Chicago Mercantile Exchange (CME), where he oversaw the launch of the CME Globex trading system and played a pivotal role in the development and globalisation of stock index futures.
 
Also leaving the Board are directors Phillips and Martin, whose positions are expected to be filled by two members of the Bats board as of immediately prior to the effective time of the Bats acquisition.

Like this article? Sign up to our free newsletter

Most Popular

Further Reading

Featured