CBOE Announces Board Leadership Changes after Bats Global Markets Acquisition

Edward Tilly will take on the role of Chairman and CEO as William Brodsky steps down after 20 years.

CBOE Holdings announced today that William Brodsky, Susan Phillips and R. Eden Martin have informed the company that they intend to step down from CBOE Holdings’ Board of Directors upon the closing of its acquisition of Bats Global Markets

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Tilly to Serve as Chairman of the Board

The CBOE Holdings’ Board has also elected Edward Tilly, CBOE Holdings’ Chief Executive Officer, to serve in the additional role of Chairman of the Board upon the closing of the transaction. 

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In reaching this decision, the board considered its leadership structure and the benefits of continuity in leadership roles and concluded that combining the roles of Chairman and CEO will enhance the combined company’s strategic alignment and support its ability to deliver shareholder value.

Tilly will draw on his 25 years of experience as a member of the CBOE community, beginning as a trading floor clerk in 1987. Before assuming the role of CEO in 2013, he was CBOE Holdings’ President and Chief Operating Officer from November 2011 to May 2013. He served as Executive Vice Chairman of Chicago Board Options Exchange, Incorporated (CBOE) from August 2006 to November 2011 and was CBOE’s Member Vice Chairman from 2004 to July 2006.

Tilly commented on Brodsky’s resignation: “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 organization to a highly successful publicly traded company. I will always be grateful for his leadership, guidance and generosity over these many years.”

CBOE Holdings also announced that 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. 

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