CME Group today announced that its Chief Executive Officer Phupinder Gill has informed the Company’s Board of Directors that he is retiring from the organization and Board, at year end, December 31, 2016. At the Board’s request, Terry Duffy has assumed the expanded role of Chairman and Chief Executive Officer. Bryan Durkin, who is currently Chief Commercial Officer, has been named President of CME Group.
Gill, a 28-year veteran of CME Group, has served in numerous roles during his tenure and was named CEO in 2012. During the next two months, Gill will work with Duffy, Durkin and the CME management team on the transition.
Newly appointed CME CEO Terry Duffy
Mr. Duffy stated:
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 organization. Going forward, our strategy remains unchanged.
At the same time, we are extremely pleased to promote Bryan to President. Given his more than 30 years of experience in all aspects of the business, he is a proven leader with deep product and operational knowledge, as well as strong customer and industry relationships. Together, with our management team and employees around the world, we will continue to work to achieve our strategic objectives and serve our clients globally.
Phupinder Gill commented:
It has been my greatest honor to have been a part of the transformation of CME Group. I am extremely optimistic about the future of the company, due in large part to the unparalleled expertise of our talented employees across the world. I’m proud of all we have been able to achieve together on behalf of our customers and shareholders.
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.
About Terry Duffy
The Honorable Terrence A. Duffy has served as Executive Chairman and President of CME Group since 2012. Previously, Duffy served as Executive Chairman since July 2007. He served as Chairman of the Board of CME and CME Holdings since April 2002 and as Executive Chairman since October 2006, leading the company through its strategic acquisitions of CBOT and NYMEX as well as CME’s initial public offering.
He was Vice Chairman of the Board of CME Holdings Inc. from its formation in August 2001 and of the Board of CME from 1998 to April 2002. He was President of TDA Trading, Inc. from 1981 to 2002. Duffy currently serves as Co-Chair of the Mayo Clinic Greater Chicago Leadership Council. He also is Vice Chairman of the CME Group Foundation and President of the CME Group Community Foundation.
For the full announcement from CME Group click here.