- Fredric J. Tomczyk, current
member of Cboe Global Markets Board of Directors, and former
President and Chief Executive Officer of TD Ameritrade Holding
Corporation, named CEO
- Edward T. Tilly resigns as
Chairman and CEO of Cboe Global Markets
- William M. Farrow, III,
currently Lead Director, named non-executive Chairman of the Board
of Directors of Cboe Global Markets
CHICAGO, Sept. 19,
2023 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe:
CBOE), the world's leading derivatives and securities exchange
network, announced today that it has appointed Fredric J. Tomczyk, a current member of Cboe's
Board of Directors, to the role of CEO, effective immediately. Mr.
Tomczyk succeeds Edward T. Tilly,
who has resigned from the company following the conclusion of an
investigation led by the Board of Directors and outside independent
counsel that was launched in late August
2023. 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 conduct was not related to and does not impact the
company's strategy, financial performance, technology and market
operations, reporting, or internal controls.
Mr. Tomczyk served as President and CEO of TD Ameritrade Holding
Corporation from October 2008 through
October 2016. Before that, he served
as Vice Chairman of TD Bank Financial Group. Prior to his time with
TD, he was President and CEO of London Life and London Insurance
Group. He joined Cboe's Board of Directors in July 2019.
William M. Farrow, III, currently
Lead Director of Cboe, has been named non-executive Chairman of the
Board of Directors, effective immediately.
"Cboe strives to uphold the highest ethical standards across the
organization, and fully investigates and takes appropriate action
when it determines that any of its policies have been violated,"
said Mr. Farrow. "Fred's familiarity with Cboe's business, combined
with his multi-decade experience in the financial services
industry, will provide stability and reinforce the company's
commitment to growth for Cboe, its associates, customers, index
partners, and investors during this period of transition. We have
every confidence that the company will continue to execute on
Cboe's mission of building a trusted, inclusive global marketplace
that enables people to pursue a sustainable financial future."
"Cboe's business is stronger than ever, and I look forward to
working alongside our Global President, Dave Howson, and the entire management team to
continue to execute on our global strategy of building on our
position as the world's leading securities and derivatives
network," said Mr. Tomczyk. "Cboe's incredible success over the
past 50 years is a testament to the hard work of each and every
associate. I have the utmost confidence in the team, and I am
excited to work together as we continue to build trusted markets
around the globe."
About Cboe Global Markets, Inc.
Cboe Global Markets (Cboe: CBOE), the world's leading
derivatives and securities exchange network, delivers cutting-edge
trading, clearing and investment solutions to people around the
world. Cboe provides trading solutions and products in multiple
asset classes, including equities, derivatives, FX, and digital
assets, across North America,
Europe and Asia Pacific. Above all, we are committed to
building a trusted, inclusive global marketplace that enables
people to pursue a sustainable financial future. To learn more
about the Exchange for the World Stage, visit www.cboe.com.
Cautionary Statements Regarding Forward-Looking
Information
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve a number of risks and uncertainties. You can identify
these statements by forward-looking words such as "may," "might,"
"should," "expect," "plan," "anticipate," "believe," "estimate,"
"predict," "potential" or "continue," and the negative of these
terms and other comparable terminology. All statements that reflect
our expectations, assumptions or projections about the future other
than statements of historical fact are forward-looking statements.
These forward-looking statements, which are subject to known and
unknown risks, uncertainties and assumptions about us, may include
projections of our future financial performance based on our growth
strategies and anticipated trends in our business. These statements
are only predictions based on our current expectations and
projections about future events. There are important factors that
could cause our actual results, level of activity, performance or
achievements to differ materially from those expressed or implied
by the forward-looking statements.
We operate in a very competitive and rapidly changing
environment. New risks and uncertainties emerge from time to time,
and it is not possible to predict all risks and uncertainties, nor
can we assess the impact of all factors on our business or the
extent to which any factor, or combination of factors, may cause
actual results to differ materially from those contained in any
forward-looking statements.
Some factors that could cause actual results to differ include:
the loss of our right to exclusively list and trade certain index
options and futures products; economic, political and market
conditions; compliance with legal and regulatory obligations; price
competition and consolidation in our industry; decreases in trading
or clearing volumes, market data fees or a shift in the mix of
products traded on our exchanges; legislative or regulatory changes
or changes in tax regimes; our ability to protect our systems and
communication networks from security vulnerabilities and breaches;
our ability to attract and retain skilled management and other
personnel, including compensation inflation; increasing competition
by foreign and domestic entities; our dependence on and exposure to
risk from third parties; global expansion of operations; factors
that impact the quality and integrity of our indices; our ability
to manage our growth and strategic acquisitions or alliances
effectively; our ability to operate our business without
violating the intellectual property rights of others and the costs
associated with protecting our intellectual property rights; our
ability to minimize the risks, including our credit and default
risks, associated with operating a European clearinghouse; our
ability to accommodate trading and clearing volume and transaction
traffic, including significant increases, without failure or
degradation of performance of our systems; misconduct by those who
use our markets or our products or for whom we clear transactions;
challenges to our use of open source software code; our ability to
meet our compliance obligations, including managing potential
conflicts between our regulatory responsibilities and our
for-profit status; our ability to maintain BIDS Trading as an
independently managed and operated trading venue, separate from and
not integrated with our registered national securities exchanges;
damage to our reputation; the ability of our compliance and risk
management methods to effectively monitor and manage our risks;
restrictions imposed by our debt obligations and our ability to
make payments on or refinance our debt obligations; our ability to
maintain an investment grade credit rating; impairment of our
goodwill, long-lived assets, investments or intangible assets; the
impacts of pandemics; the accuracy of our estimates and
expectations; litigation risks and other liabilities; and operating
a digital asset business and clearinghouse, including the expected
benefits of our Cboe Digital acquisition, cybercrime, changes in
digital asset regulation, losses due to digital asset custody, and
fluctuations in digital asset prices. More detailed information
about factors that may affect our actual results to differ may be
found in our filings with the SEC, including in our Annual Report
on Form 10-K for the year ended December 31,
2022 and other filings made from time to time with the
SEC.
We do not undertake, and we expressly disclaim, any duty to
update any forward-looking statement whether as a result of new
information, future events or otherwise, except as required by law.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date
hereof.
Cboe Media
Contacts:
|
Analyst Contact:
|
Angela Tu & Tim
Cave
|
Kenneth
Hill, CFA
|
corporatecommunications@cboe.com
|
(312)
786-7559
|
|
khill@cboe.com
|
CBOE-F
Trademarks:
Cboe®, Cboe Global Markets®, Cboe
Volatility Index®, Bats®, BIDS Trading®,
BZX®, BYX®, Chi-X®, EDGX®,
EDGA®, EuroCCP®, MATCHNow®,
and VIX® are registered trademarks of Cboe
Global Markets, Inc. and its subsidiaries. All other
trademarks and service marks are the property of their respective
owners.
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SOURCE Cboe Global Markets, Inc.