On Wednesday, CBOE Holdings, Inc (NASDAQ:CBOE) announced that Chairman and CEO, William J. Brodsky, will step down as CEO after the company’s May 2013 Annual Meeting. He is expected to then take over the role as Executive Chairman of the Board.
CBOE Holdings, Inc (NASDAQ:CBOE) made the announcement in?a press release?and added that?its Board of Directors had unanimously elected?Edward T. Tilly, 49, CBOE?President and COO, as the incoming CEO; this will be effective after the 2013 Annual Meeting.?
Edward Provost,?CBOE?Chief Business Development Officer, will succeed Tilly?as the exchange’s president and COO.
Brodsky, 68, who has been at the helm since 1997, said of the news, “It has been my pleasure to serve as Chairman and CEO of?CBOE Holdings, Inc (NASDAQ: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.”
But don’t expect Brodsky to be completely gone. He said in a conference call on Wednesday, via the Wall Street Journal, “We’re making way for the next generation, but I’m not leaving the building.”
As for Tilly succeeding Brodsky, he’s been the heir apparent for some time. He said on Wednesday, “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.”?
Tilly added,?”I also want to congratulate?Ed Provost?on being named?CBOE?President and COO. 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.”