Leading Derivatives & Securities Exchange Cboe CEO Edward Tilly Resigns after Investigation of Undisclosed Relationships with Colleagues, Appoints Board Member & Former President & CEO of TD Ameritrade Fredric Tomczyk as CEO
23rd September 2023 | Hong Kong
Leading derivatives & securities exchange Cboe CEO Edward Tilly has resigned after internal investigation of undisclosed relationships with colleagues, with Cboe appointing board member and former President & CEO of TD Ameritrade Fredric Tomczyk as CEO with immediate effect (19/9/23). Cboe: “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.
” Leading Derivatives & Securities Exchange Cboe CEO Edward Tilly Resigns after Investigation of Undisclosed Relationships with Colleagues, Appoints Board Member & Former President & CEO of TD Ameritrade Fredric Tomczyk as CEO “
M. Farrow, III, Cboe Non-executive Chairman of the Board of Directors: “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. 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.”
New Cboe CEO Fredric Tomczyk: “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. 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.
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