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Cboe CEO Resigns Over Undisclosed Relationships

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Updated Sep 19, 2023, 01:21pm EDT


Edward Tilly, chief executive and chairman of Cboe Global Markets, resigned on Tuesday after an internal investigation found he did not disclose personal relationships with colleagues, according to an announcement—the latest chief executive to resign under similar circumstances.

Key Facts

Cboe announced Tilly’s resignation after an investigation—launched in late August—by the company’s board and independent counsel found Tilly did not disclose personal relationships with colleagues, which violated the company’s policies and “stands in stark contrast to the company’s values.”

Tilly, 60, is ineligible to receive an $8.8 million severance and an estimated $892,000 in additional benefits because of the investigation’s conclusions, according to a securities filing.

Fredric Tomczyk—who served as president and CEO of TD Ameritrade from 2008 to 2016—was appointed as CEO, effective immediately.

William Farrow succeeded Tilly as nonexecutive chairman and will remain the company’s lead director, the Chicago-based firm said.

颁产辞别’蝉 shares rose just over 3% as of noon Tuesday and are up more than 24% for the year.


BP CEO Bernard Looney announced last week that he would resign as chief executive, after an investigation found that Looney had failed to disclose personal relationships. Looney disclosed a “small number” of relationships with colleagues before becoming CEO, BP said, before later informing the company that he was “not fully transparent” in his previous disclosures. NBCUniversal CEO Jeff Shell stepped down from the company in April after he admitted to having an “inappropriate relationship with a woman in the company.” Comcast said Shell and the company “mutually agreed” to part ways following an investigation by outside counsel. CNN President Jeff Zucker was pushed out last February, after failing to disclose a relationship with his “closest colleague” that “evolved in recent years.”

Key Background

Tilly served as 颁产辞别’蝉 chief executive since 2013 and previously worked as a clerk on 颁产辞别’蝉 trading floor in 1987, according to the Wall Street Journal. Cboe Global Markets, an options-exchange operator, was founded in 1973 and is headquartered in Chicago. The firm maintains its VIX index—often referred to as Wall Street’s “fear gauge”—in addition to stock and futures exchanges in the U.S.

Further Reading

Cboe CEO Edward Tilly Resigns Over Personal Relationships With Colleagues (Wall Street Journal)

NBCUniversal CEO Jeff Shell Steps Down Over ‘Inappropriate Relationship’ (Forbes)

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