CME Group, the world's largest and most diverse derivatives marketplace (NASDAQ: CME), today announced that it has entered into a new employment agreement that provides for the continuation of Chief Executive Officer Craig S. Donohue's employment with CME Group for three additional years through December 31, 2012.
In addition, the company announced that it has entered into a new employment agreement that provides for the continuation of President Phupinder Gill's employment with CME Group for three additional years through December 31, 2013.
"We are pleased to announce the extension of Craig's and Gill's contracts as our Board of Directors and Management Team work together to execute our global growth strategy," said Executive Chairman Terry Duffy. "We remain focused on delivering benchmark products, leading technology and industry-leading central counterparty clearing services for both exchange-traded and over-the-counter markets for the benefit of our investors, customers, members and employees around the world."
"Over the past five years, CME Group has successfully diversified its business and global reach through our acquisitions of The Chicago Board of Trade, the New York Mercantile Exchange and COMEX, as well as our strategic global investments and partnerships with BM&FBOVESPA in Latin America and Dubai Mercantile Exchange in the Middle East. At the same time, we have continued to generate positive results in our $3 billion listed futures and options business and our $220 million OTC clearing services business, CME ClearPort," said Donohue. "While the last five years have marked profound and positive change for CME Group, I am excited about the many new opportunities that lie ahead for us in both exchange and over-the-counter markets. Working with our Board, Management Team and employees, we will continue to lead the global derivatives industry by delivering the products, clearing services and technology that market participants demand for risk management."
Donohue, 47, has served as Chief Executive Officer since January 2004 and joined the company in 1989. In addition, Donohue serves as a Director of BM&FBOVESPA, Chairman of the Board of the Council for Economic Education, First Vice Chairman of the Executives' Club of Chicago, and as a member of the Commodity Futures Trading Commission's Global Markets Advisory Committee and the Wall Street Journal CEO Council. He also serves as a Director of the Managed Funds Association, the Chicago Council on Global Affairs and the Chicagoland Chamber of Commerce. In addition, he serves as Vice Chairman of the CME Group and NYMEX Foundations.
In 2009, Donohue was named to Institutional Investor's Power 50 list of the Most Influential People in Finance and also was named International Executive of the Year by the Executives' Club of Chicago. He holds an MBA degree from Northwestern University's Kellogg School of Management, a JD degree from John Marshall Law School, a master of laws degree from IIT Chicago-Kent College of Law and a bachelor's degree from Drake University.
Gill, 48, has served as President since January 2004 and joined the company in 1988. He serves as a Director of Teach for America - Chicago, the Advisory Council for Youth Services of Glenview/Northbrook, Ill., and the CME Foundation. He also serves as a member of CME Group's Competitive Markets Advisory Council.
Gill holds both MBA and bachelor's degrees from Washington State University.