CBOE Holdings (NASDAQ: CBOE) today announced that William J. Brodsky, Chairman and CEO, has advised the Board that he will step down as CEO effective following the 2013 Annual Meeting in May 2013. Following the annual meeting, it is anticipated that he will assume the role of Executive Chairman of the Board.
The company also announced that its Board of Directors unanimously elected Edward T. Tilly, CBOE President and COO, as CEO, also effective following the 2013 Annual Meeting. Edward Provost, CBOE Chief Business Development Officer, will succeed Mr. Tilly as CBOE President and COO.
“The change in leadership at CBOE speaks to the depth of CBOE’s management, and is a natural progression in CBOE’s evolution. On behalf of the Board of Directors, I want to congratulate Ed Tilly and express our utmost appreciation and thanks to Bill Brodsky, who has served with great distinction for the past 16 years,” said CBOE Lead Director James Boris. “CBOE is fortunate that Bill has carefully laid the groundwork for a smooth succession of executive leadership.”
“It has been my pleasure to serve as Chairman and CEO of CBOE these past 16 years. I am delighted that the Board has unanimously elected Ed Tilly to be CBOE’s next CEO. Ed and I have worked closely together for many years. His leadership and counsel have helped drive major initiatives at CBOE, including the transformation of CBOE from a membership organization to a highly successful publicly traded company,” said William J. Brodsky.
“I am honored to assume the role of Chief Executive Officer. I want to thank Bill Brodsky for his outstanding leadership as CEO. It’s been my privilege to work alongside Bill, and I know I speak on behalf of the entire CBOE community when I say we are pleased that he will assume the role of Executive Chairman,” said Edward T. Tilly.
“I also want to congratulate Ed Provost on being named CBOE President and COO,” Tilly continued. “Ed’s track record and experience in the options business is without parallel. He has been instrumental in CBOE’s ongoing competitive success, and I know he is as eager as I am to help write the next chapter in CBOE’s great history.”