Cboe: Ed Tilly resigns over undisclosed relationships, Fredric J. Tomczyk becomes CEO
Respected industry veteran Fredric J. Tomczyk takes the helm, bringing stability and extensive financial services experience to Cboe.
Cboe Global Markets, Inc. has announced Fredric J. Tomczyk as its new CEO, effective immediately. Tomczyk, a current member of Cboe’s Board of Directors, takes over from Edward T. Tilly, who resigned following the conclusion of an internal investigation.
This significant leadership change underscores Cboe’s commitment to maintaining the highest ethical standards across the organization.
Cboe Global Markets is a leading derivatives and securities exchange network offering trading solutions and products across multiple asset classes, including equities, derivatives, FX, and digital assets.
Fredric J. Tomczyk led TD Ameritrade for 8 years
Fredric J. Tomczyk brings a wealth of experience to his new role at Cboe. He previously served as the President and CEO of TD Ameritrade Holding Corporation from October 2008 to October 2016.
Before his tenure at TD Ameritrade, Tomczyk held the position of Vice Chairman at TD Bank Financial Group. His career in the financial services industry also includes serving as President and CEO of London Life and London Insurance Group. With a remarkable career spanning several decades, Tomczyk is well-equipped to guide Cboe through this transition.
“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.”
Ed Tilly’s conduct did not impact Cboe’s core operations
Edward T. Tilly’s resignation followed an investigation conducted by Cboe’s Board of Directors and external independent counsel.
The investigation revealed that Tilly failed to disclose personal relationships with colleagues, a violation of Cboe’s policies and a contradiction of the company’s values.
It’s important to note that this conduct does not impact Cboe’s core operations, financial performance, technology, market operations, reporting, or internal controls
William M. Farrow, III named non-executive Chairman
In addition to the appointment of Fredric J. Tomczyk as CEO, William M. Farrow, III, who previously served as the Lead Director of Cboe, has been named non-executive Chairman of the Board of Directors. This change in leadership aims to provide stability and uphold Cboe’s commitment to growth, innovation, and ethical conduct.
“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.”
The company highlighted that it remains dedicated to delivering cutting-edge trading, clearing, and investment solutions while upholding its commitment to ethical standards and integrity.