CME CME Group Inc

By Alexander Osipovich and Maria Armental 

CME Group Inc.'s Chief Executive Phupinder S. Gill, who has pushed the world's largest futures-exchange operator into new markets in Europe and Asia since assuming the job in 2012, intends to retire on Dec. 31.

A CME spokeswoman said Mr. Gill, 56, informed the board this week of his decision to retire early. His employment contract had been set to run to 2019.

Following CME's tradition of staying within the firm, Terrence A. Duffy, currently executive chairman and president, retains the chairman title while adding the CEO job as well. Chief Commercial Officer Bryan T. Durkin becomes president.

Mr. Gill became CEO in 2012 after the bankruptcy of MF Global Holdings Ltd., which had been one of the biggest brokerages in CME's markets. CME, which served as the failed company's front-line regulator, faced criticism for its handling of the firm's collapse.

The Malaysia-born, Singapore-raised Mr. Gill joined the Chicago Mercantile Exchange in 1988. He climbed the ranks as the formerly nonprofit futures exchange turned itself into a corporation in 2000 and embarked on an acquisition spree that made it a global behemoth.

Appointed CME's president in 2007, Mr. Gill played an instrumental role in securing shareholder approval for the Chicago Board of Trade deal, which was completed in July of that year.

As CEO, he oversaw the launch of CME's first European exchange in 2014 and pursued tie-ups with Asian partners such as the China Financial Futures Exchange and the Shanghai Futures Exchange.

Last year, non-U.S. volume accounted for 24% of total trading volume on CME's electronic trading system, Globex, and Asian volume was up 12% from 2014.

Mr. Gill had a reputation for being well liked within the company, in part because of his colorful sense of humor.

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.

Shares, up 29% this year, closed Thursday at $117.05.

--Doug Cameron contributed to this article.

Write to Alexander Osipovich at alexander.osipovich@dowjones.com and Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

November 10, 2016 22:05 ET (03:05 GMT)

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