(Bloomberg) -- Cboe Global Markets Inc. said Edward Tilly has resigned following an investigation that determined the chief executive officer didn’t disclose personal relationships with colleagues.
The derivatives and securities exchange said it appointed Fredric Tomczyk, a current member of Cboe’s board of directors, as CEO, effective immediately.
“The board of directors determined that Mr. Tilly did not disclose personal relationships with colleagues, which violated Cboe’s policies and stands in stark contrast to the company’s values,” the Chicago-based company said in a statement.
The conduct doesn’t impact the company’s strategy, financial performance or market operations, it said. The board of directors and outside independent counsel launched the investigation in late August.
Cboe shares dropped more than 2% in premarket trading.
Tilly has been at the helm of Cboe for more than a decade, a period that saw the company’s stock more than triple. In recent years, the exchange has opened a new in-person trading floor and made moves to expand into crypto markets.
Tomczyk was president and CEO of TD Ameritrade Holding Corp. for eight years through late 2016, and previously served as vice chairman of TD Bank Financial Group. Prior to that, he was president and CEO of London Life and London Insurance Group. He joined Cboe’s board in mid-2019.
Cboe, previously known as the Chicago Board Options Exchange, has done several deals over the past few years. It has boosted its presence abroad, expanding in Europe, Asia and North America, with the acquisition of Aequitas Innovations Inc., the parent of Toronto-based NEO Exchange, in 2021. It also added new asset classes with the addition of cryptocurrency company Eris Digital Holdings LLC.
(Updates with further details from statement in fourth paragraph.)
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