CME Group’s chief executive Phupinder Gill is to retire after four years as boss of the world’s largest derivatives exchange and clearing group, with executive chairman and president Terry Duffy to take an expanded role.
Gill, a 28-year veteran of CME Group, is to step down at year’s end despite having three years remaining on his contract.
Meanwhile Duffy will assume the expanded role of chairman and CEO, with Bryan Durkin, currently chief commercial officer, will be named as president.
“Phupinder Gill has dedicated the majority of his career to the futures industry, and has played a valuable role in helping CME achieve dynamic global expansion, developing a strong growth strategy, creating a strategic sales team structure and establishing a customer-focused orientation across the organisation. Going forward, our strategy remains unchanged.” said Duffy.
After becoming CEO in 2012, Gill had to deal with the immediate impact of the collapse of MF Global, which was one of the Group’s biggest brokers.
During his tenure he has pushed the exchange group into new markets, establishing its first exchange and clearing house in Europe, as well as expanding the group’s presence in China and Singapore.
He also oversaw the closure of its open-outcry trading pits, transitioning the majority of futures and options trading onto electronic platforms.
“It is the right time for me to retire, and I am confident that Terry, Bryan, and the management team, along with the entire staff of CME, will continue to further advance our strategy and lead the company into the future,” said Gill.