Cboe Global Markets Chairman and CEO, Edward Tilly, has resigned from the company after an investigation found that he failed to disclose personal relationships with colleagues. The investigation was launched by Cboe’s board of directors last month with the assistance of outside independent counsel. The board found that Tilly’s failure to disclose these relationships violated the company’s policies and values.
In response to Tilly’s resignation, Cboe has appointed former TD Ameritrade President and CEO, Fredric Tomczyk, as the new chief executive. William Farrow, the lead director, is now serving as the non-executive chairman of the board. Farrow stated that Cboe upholds the highest ethical standards and takes appropriate action when policies are violated. Tomczyk’s familiarity with Cboe’s business and his extensive experience in the financial services industry will provide stability during this period of transition.
Edward Tilly joined Cboe in 1987 and worked his way up to CEO in 2013. However, his biography page has been removed from the Cboe website, and he has not commented on his resignation.
This situation is not unique to Cboe, as other companies have also faced similar issues. In 2019, McDonald’s ousted its former CEO for engaging in a consensual relationship with an employee, while in 2018, Intel’s CEO stepped down after it was revealed he had a past relationship with an Intel employee.
Overall, the resignation of Cboe’s CEO highlights the importance of disclosing personal relationships in the workplace. Companies have a responsibility to uphold high ethical standards and take appropriate action when policies are violated.
Source: Cboe Global Markets spokesperson