Cboe CEO Ed Tilly Resigns After Probe Finds Policy Violations Related to Undisclosed Relationships

Ed Tilly resigned as CEO and chairman of Cboe Global Markets after a board probe found he violated company policies by not disclosing personal relationships with colleagues.
Tilly had a long career with Cboe, starting as a floor clerk in 1987 and rising to become CEO in 2013. His departure will cost him over $8 million in severance and future stock awards.
Cboe named Frederic Tomczyk, former CEO of TD Ameritrade, as Tilly's replacement. Tomczyk will receive significant compensation.
Tilly's exit renewed speculation that Cboe could be acquired, though a source said no CME-Cboe deal is imminent.
William Farrow III, Cboe's lead director, was named non-executive chairman to replace Tilly.

suntimes.com

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9/19/2023

Cboe Global Markets Names New CEO and Chairman After Investigation Into Outgoing CEO

Fredric J. Tomczyk has been appointed as the new CEO of Cboe Global Markets following the resignation of former CEO Edward T. Tilly, who violated company policies by not disclosing personal relationships with colleagues; William M. Farrow, III has been named non-executive Chairman of the Board of Directors, effective immediately.