CME Group's CEO to Retire at Year's End -- Update
November 10 2016 - 9:07PM
Dow Jones News
By Maria Armental
CME Group Inc.'s Chief Executive Phupinder S. Gill, who took
over the world's largest futures-exchange operator in 2012
following the collapse of the brokerage MF Global Holdings Ltd.,
intends to retire on Dec. 31.
A CME spokeswoman said Mr. Gill informed the board this week of
his decision to retire early.
Following CME's tradition of staying within the firm, Terrence
A. Duffy, currently executive chairman and president, becomes CEO
while retaining the chairman title as well. Chief Commercial
Officer Bryan T. Durkin becomes president.
Mr. Gill joined the Chicago-based futures exchange in 1988 and
assumed the reins at a time when CME, which served as the failed
company's front-line regulator, faced scrutiny from Congress over
its role as exchange operator and regulator.
He played an instrumental role in securing shareholder approval
for the CBOT acquisition, and has been a key player in CME's
efforts to build ties to overseas exchanges.
Mr. Duffy, who joined CME in 1981 and added the president title
as part of Mr. Gill's 2012 promotion to CEO, said in a press
release on Thursday that the exchange's strategy remains
unchanged.
Founded in 1898 as a not-for-profit corporation, CME
demutualized in 2000 and went public in 2002.
Last year, it reported a profit of $1.25 billion, or $3.69 a
share, on $3.33 billion in revenue.
Through September, its profit stood at $1.16 billion, or $3.43,
on $2.68 billion in revenue.
Shares, up 29% this year, closed Thursday at $117.05.
--Doug Cameron contributed to this article.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
November 10, 2016 20:52 ET (01:52 GMT)
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