Brodsky, CBOE Chairman Who Took Exchange Public, to Resignby
Career includes CEO roles at two pillars of trading in Chicago
Oversaw launch of CME’s now-dominant Globex platform
William Brodsky, 72, will step down as chairman of CBOE Holdings Inc. next year, ending a two-decade run at the biggest U.S. options exchange that he took public in 2010.
He was chief executive officer of the company, which runs the Chicago Board Options Exchange, from 1997 through 2013. Brodsky joined CBOE from the Chicago Mercantile Exchange, where he’d been CEO since 1985. He plans to work for Cedar Street Asset Management LLC, his son Jonathan Brodsky’s investment firm.
Brodsky’s resume includes time at two of the pillars of the Chicago trading community. He joined CME in 1982 and oversaw the launch of its Globex electronic trading system, which has largely replaced the old-fashioned trading pits that were once the hallmarks of the futures business. About a decade ago at CBOE, he introduced options and futures contracts on the VIX, the company’s measure of investor fear -- part of CBOE’s dominant franchise of exclusive products.
In 2010, he took CBOE public, making it the last major American exchange to shift to shareholder ownership from member ownership. The stock has more than doubled since then, beating the 64 percent gain by a Bloomberg index of 28 exchanges.
His plan to depart was announced Thursday at CBOE’s annual shareholders meeting in Chicago. In a statement, CBOE said it may combine the chairman and CEO roles. Edward Tilly took over as CEO in 2013.