Cboe boss Edward Tilly is latest chief exec to lose his job over relationships with colleagues
Ousted: Edward Tilly has stepped down from his job at Cboe Global Markets
The boss of a major Chicago exchange operator has become the latest chief executive to lose his job for failing to disclose personal relationships with colleagues.
Just a week after Bernard Looney was forced out of BP, Edward Tilly stood down from his job at Cboe Global Markets.
The company said the 60-year-old – who started out on the trading floor of its predecessor, the Chicago Board Options Exchange, in 1987 – ‘did not disclose personal relationships with colleagues, which violated Cboe’s policies and stands in stark contrast to the company’s values’.
It marked the end of a long career that saw Tilly work his way up from a clerk on the trading floor to become chief executive in 2013. He received a pay packet of £9.6million last year.
His departure follows an investigation by Cboe’s board and external lawyers that kicked off last month.
Fredric Tomczyk, a board member at Cboe, which runs the largest exchange for US equity options, will take over as chief executive.
Looney, 53, left BP over his own failure to disclose the extent of past personal relationships at the oil giant.
BP has come under fire for appointing him as its boss in 2020 despite his reputation for relationships apparently being widespread.