CBOE Holdings Announces Leadership Changes
CHICAGO, Dec. 12, 2012
CHICAGO, Dec. 12, 2012 /PRNewswire/ -- CBOE Holdings (NASDAQ: CBOE) today
announced that William J. Brodsky, Chairman and CEO, has advised the Board
that he will step down as CEO effective following the 2013 Annual Meeting in
May 2013. Following the annual meeting, it is anticipated that he will assume
the role of Executive Chairman of the Board.
The company also announced that its Board of Directors unanimously elected
Edward T. Tilly, CBOE President and COO, as CEO, also effective following the
2013 Annual Meeting. Edward Provost, CBOE Chief Business Development Officer,
will succeed Mr. Tilly as CBOE President and COO.
"The change in leadership at CBOE speaks to the depth of CBOE's management,
and is a natural progression in CBOE's evolution. On behalf of the Board of
Directors, I want to congratulate Ed Tilly and express our utmost appreciation
and thanks to Bill Brodsky, who has served with great distinction for the past
16 years," said CBOE Lead Director James Boris. "CBOE is fortunate that Bill
has carefully laid the groundwork for a smooth succession of executive
"It has been my pleasure to serve as Chairman and CEO of CBOE these past 16
years. I am delighted that the Board has unanimously elected Ed Tilly to be
CBOE's next CEO. Ed and I have worked closely together for many years. His
leadership and counsel have helped drive major initiatives at CBOE, including
the transformation of CBOE from a membership organization to a highly
successful publicly traded company," said William J. Brodsky.
"I am honored to assume the role of Chief Executive Officer. I want to thank
Bill Brodsky for his outstanding leadership as CEO. It's been my privilege to
work alongside Bill, and I know I speak on behalf of the entire CBOE community
when I say we are pleased that he will assume the role of Executive Chairman,"
said Edward T. Tilly.
"I also want to congratulate Ed Provost on being named CBOE President and
COO," Tilly continued. "Ed's track record and experience in the options
business is without parallel. He has been instrumental in CBOE's ongoing
competitive success, and I know he is as eager as I am to help write the next
chapter in CBOE's great history."
Investor and Media Conference Call:
CBOE Holdings will host a conference call today at 9:00 a.m. Central Time to
discuss the leadership transition. At the conclusion of the prepared remarks,
William Brodsky, Edward Tilly and Edward Provost will be available for analyst
and media questions.
The conference call will be publicly available via live webcast from the
Investor Relations section of the company's website at www.cboe.com under
"Events & Presentations." Participants may also listen via telephone by
dialing (877) 372-0876 from the United States or Canada, or (253) 237-1167 for
international callers. Telephone participants should place calls 10 minutes
prior to the start of the call. The webcast will be archived on the company's
website for replay. A telephone replay of the call also will be available
until December 19, 2012, by dialing (800) 585-8367 within the U.S. and Canada,
or (404) 537-3406 for international callers, using replay code 79450651.
About CBOE Holdings:
CBOE Holdings, Inc. (NASDAQ: CBOE) is the holding company for Chicago Board
Options Exchange (CBOE), the CBOE Futures Exchange (CFE) and other
subsidiaries. CBOE, the largest U.S. options exchange and creator of listed
options, continues to set the bar for options and volatility trading through
product innovation, trading technology and investor education. CBOE Holdings
offers equity, index and ETF options, including proprietary products, such as
S&P 500 options (SPX), the most active U.S. index option, and options and
futures on the CBOE Volatility Index (the VIX Index). Other products
engineered by CBOE include equity options, security index options, LEAPS
options, FLEX options, and benchmark products such as the CBOE S&P 500
BuyWrite Index (BXM). CBOE Holdings is home to the world-renowned Options
Institute and www.cboe.com, the go-to place for options and volatility trading
resources. CBOE is regulated by the Securities and Exchange Commission (SEC),
with all trades cleared by the OCC.
CBOE^®, Chicago Board Options Exchange^®, CFE^®, FLEX^®, LEAPS^®, CBOE
Volatility Index^® and VIX^® are registered trademarks, and BuyWrite^SM,
BXM^SM, SPX^SM, CBOE Futures Exchange^SM and The Options Institute are service
marks of Chicago Board Options Exchange, Incorporated (CBOE). Standard &
Poor's^®, S&P^® and S&P 500^® are registered trademarks of Standard & Poor's
Financial Services, LLC and have been licensed for use by CBOE.
SOURCE CBOE Holdings
Contact: Gail Osten, (312) 786-7123, firstname.lastname@example.org, or Gary Compton, (312)
786-7612, email@example.com, Debbie Koopman, (312) 786-7136, firstname.lastname@example.org
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