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CBOE CEO to step down, be replaced by president

Published on NewsOK Modified: December 12, 2012 at 10:14 am •  Published: December 12, 2012
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CHICAGO (AP) — Exchange operator CBOE Holdings Inc. said Wednesday that its longtime CEO plans to step down after the company's annual meeting in May and will be replaced by its current president and chief operating officer.

The Chicago company, which is the holding company for the Chicago Board Options Exchange and CBOE Futures Exchange, said that William Brodsky, who also currently serves as chairman, will move to the role of executive chairman.

Edward Tilly will become CEO and Edward Provost, the company's chief business development officer, will take Tilly's place as president and COO, the exchange operator said.

Brodsky, 68, has served as the company's CEO since 1997. Tilly, 49, became president and COO in November 2011 after serving as the company's executive vice chairman since 2006.

Provost, 60, has served as head of CBOE's business development division since 2000 and has worked for the company since 1975.

Shares of CBOE Holdings rose 16 cents to $30.07 in morning trading. They near the upper end of their 52-week range of $24.44 to $30.95.