CME Group's CEO to Retire at Year's End -- Update

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 [e-mail]

(END) Dow Jones Newswires

November 10, 2016 20:52 ET (01:52 GMT)

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