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CBOE directors to step down following Bats deal

First Published 23rd December 2016

Edward Tilly to take on role of both Chairman and CEO. Chairman William Brodsky to step down after nearly 20 years at CBOE.

Edward Tilly, CBOE

Edward Tilly, CBOE

Chicago - CBOE Holdings has announced that William J. Brodsky, Susan M. Phillips and R. Eden Martin, among CBOE Holdings' longest serving Board members, have notified CBOE Holdings that they intend to step down from CBOE Holdings' Board of Directors upon the closing of the CBOE Holdings acquisition of Bats Global Markets. Their resignations are conditioned upon the transaction closing.

The CBOE Holdings' Board has also unanimously elected Edward T. Tilly, CBOE Holdings' Chief Executive Officer, to serve in the additional role of Chairman of the Board upon the closing of the transaction. The Board determined that combining the roles of Chairman and CEO at this time will enhance the combined company's strategic alignment.

CBOE Holdings also announced that James Boris will continue to serve as Lead Director.

Commenting on Brodsky's resignation, Tilly said, "We owe Bill an incredible debt of gratitude. Bill has served as Chairman of CBOE for nearly half of the company's history. He successfully oversaw a number of major institutional transitions throughout his tenure, including increased competition, the proliferation of electronic trading and the company's transformation from a non-profit membership organization to a highly successful publicly traded company. I will always be grateful for his leadership, guidance and generosity over these many years."

Brodsky announced at last year's CBOE Holdings annual meeting of stockholders that he did not intend to serve as a director beyond the CBOE Holdings 2017 annual meeting of stockholders, but would join his son Jonathan Brodsky's firm, Chicago-based Cedar Street Asset Management LLC, an international portfolio management firm.

Also leaving the Board are directors Susan M. Phillips and R. Eden Martin, whose positions are expected to be filled by two members of the Bats Board as of immediately prior to the effective time of the Bats acquisition.

As previously announced on September 26, 2016, CBOE Holdings and Bats have entered into a definitive agreement that provides that at the effective time of the Bats acquisition, CBOE Holdings' Board of Directors will consist of 14 directors. These 14 directors will include 11 directors currently serving on the CBOE Holdings Board plus three individuals who are serving on the Bats Board of Directors immediately prior to the effective time of the Bats acquisition.