CME Group Inc. (CME) said Chief Executive Craig Donohue will
step down from the position when his contract expires in December
and will be succeeded by current President Phupinder Gill.
The exchange operator also said Executive Chairman Terrence
Duffy will take on the additional role of president. The board has
also extended Duffy's and Gill's contract agreements, CME Group
said.
Gill has been with the company since 1988 and became president
in July 2007. Gill also served as president and operating chief of
CME Group's predecessor companies, CME Holdings and CME since
January 2004.
Duffy has served as the company's executive chairman since July
2007. He became chairman of CME and CME Holdings in April 2002 and
became executive chairman in October 2006.
The world's largest futures market operator has faced criticism
from clients and lawmakers for its handling of the failure of MF
Global Holdings (MFGLQ), one of the largest brokers on its markets,
and the Chicago-based company also faces a potential headwind from
declining volumes as banks deleverage and reduce trading.
In February, CME Group unveiled fresh efforts to rebuild
confidence after the collapse of MF Global, boosting its dividend
and creating a new fund to protect farmers and ranchers that use
its futures markets.
Class A shares were up by $1.02 to $271.22 in recent after-hours
trading. The stock is up 11% since the start of the year.
-By Nathalie Tadena, Dow Jones Newswires; 212-416-3287; nathalie.tadena@dowjones.com