Terry Duffy, CME Group
Scott Mlyn | CNBC
CME Group‘s longtime chief Terry Duffy will step down as chief government officer subsequent yr, succeeded by President and Chief Monetary Officer Lynne Fitzpatrick.
Duffy, 67, will transition to government chairman efficient March 1, 2027, the corporate stated Wednesday. It marks a greater than two-decade run that reworked the Chicago-based change operator into one of many world’s largest derivatives marketplaces.
“Main CME Group by way of greater than 25 years of transformative progress has been among the many highest honors of my life,” stated Duffy in a press release.
Since changing into chairman in 2002, Duffy has overseen CME’s transformation from a floor-based change into a worldwide derivatives powerhouse. He led the corporate’s preliminary public providing, its shift to digital buying and selling and industry-defining acquisitions, together with the 2007 merger with the Chicago Board of Commerce and the 2008 buy of the New York Mercantile Change.
Duffy additionally guided CME by way of the monetary disaster, the collapse of broker-dealer MF International and sweeping modifications in market construction. Extra lately, the corporate expanded by way of its acquisition of NEX Group, a partnership with Google Cloud and a enterprise with FanDuel geared toward reaching a broader retail viewers.
Fitzpatrick, a 20-year veteran of CME, has served as president and chief monetary officer since 2022 and has performed a key function within the firm’s technique, capital allocation and investor relations efforts.
“I respect the boldness that he and the Board have positioned in me, and I look ahead to working with our buyers, purchasers and staff world wide as we develop our core enterprise and create worth for our shareholders,” Fitzpatrick stated in a press release.
Correction: CME Group made the announcement Wednesday. An earlier model misstated the day of the week.