Edward Tilly, the CEO of Cboe Global Markets (NYSE:CBOE), resigned from his position on Tuesday following an investigation into undisclosed personal relationships with colleagues. This investigation was initiated in late August by the board of directors and an external independent counsel. The company's shares closed 2.8% higher at $155.87 following the announcement.
Tilly began his career at Cboe as a trading floor clerk in 1987, eventually ascending to the role of CEO in 2013. His tenure saw a significant increase in the company's stock value, which nearly quadrupled from $39 to $157, according to data from LSEG. Tilly also significantly boosted annual revenues, growing them from $572 million to $1.7 billion last year.
He was lauded for his contributions to the company by Andrew Bond, managing director and senior fintech analyst at Rosenblatt Securities. Bond noted that Tilly had transformed Cboe from a small options exchange into a global fintech and exchange leader. Steve Sosnick, chief strategist at Interactive Brokers (NASDAQ:IBKR), also highlighted Tilly's (NYSE:TLYS) role in making options trading more accessible to the general public.
In the wake of Tilly's resignation, Fredric Tomczyk, a board member at Cboe, has been appointed as CEO. The board determined that Tilly’s failure to disclose personal relationships with colleagues violated Cboe’s policies and stood in stark contrast to the company’s values.
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