CBOE’s Ed Tilly will assume the roles of both chief executive and chairman once its $3.2 billion deal to acquire Bats Global Markets closes.
According to a release from CBOE, the board of directors “determined that combining the roles of chairman CEO at this time will enhance the combined company’s strategic alignment.”
It will mean its long-time serving chairman, William Brodsky, will step down, as well as two other board members.
“Bill has served as Chairman of CBOE for nearly half of the company’s history. He successfully oversaw a number of major institutional transitions throughout his tenure, including increased competition, the proliferation of electronic trading and the company’s transformation from a non-profit membership organisation to a highly successful publicly traded company,” said Tilly.
Brodsky joined CBOE in 1997 after serving as the chief executive of CME.
The board of directors of the joint CBOE/Bats company will consist of 14 directors, 11 from CBOE and three from Bats.