International derivatives marketplace CME Group Inc (NASDAQ:CME) has announced extensions to employment agreements with Executive Chairman and President Terry Duffy and CEO Phupinder Gill.
Mr Duffy’s agreement is extended through December 31, 2020, and the agreement with Mr Gill is extended through December 31, 2019.
Mr Duffy has served as CME Group’s Executive Chairman and President since 2012. Prior to that he served as Executive Chairman since 2006, when he became an officer of the Company. He served as Chairman of the board since 2002 and Vice Chairman from 1998 until 2002.
Mr Duffy has been a member of CME’s Board since 1995. He was President of TDA Trading, Inc. from 1981 to 2002 and has been a member of CME since 1981.
He attended the University of Wisconsin-Whitewater. In 2007, he received a Doctor of Humane Letters from DePaul University.
Mr Gill, 55, who has been with the company since 1988, has served as CEO since 2012. Prior to that, he served as President of CME Group since 2007 and as President and Chief Operating Officer of CME Holdings and of CME since January 1, 2004.
From 2000 to 2003, Mr. Gill served as Managing Director and President of CME Clearing, the largest derivatives clearing house in the United States, which includes the Clearing, Risk Management and Audit Departments. In 2003, he led the implementation of the company’s historic clearing agreement with the Chicago Board of Trade (CBOT), under which CME provided clearing (back-office processing) for all CBOT products.
To view the official announcement from CME on the agreements’ extensions, click here.