Cboe boss Edward Tilly is the latest CEO to lose his job over relationships with colleagues
Ousted: Edward Tilly quit his job at Cboe Global Markets
The head of a major Chicago stock trader has become the latest chief executive to lose his job for failing to disclose his personal relationships with colleagues.
Just a week after Bernard Looney was ousted from BP, Edward Tilly quit his job at Cboe Global Markets.
The company said the 60-year-old, who started on the floor of his predecessor, the Chicago Board Options Exchange, in 1987, “failed to disclose personal relationships with colleagues, which violated Cboe’s policies and is in stark contrast to Cboe’s values.” of the company.”
It marked the end of a long career that saw Tilly rise from a floor clerk to become chief executive in 2013. He received a salary of £9.6m last year.
His departure follows an investigation by Cboe’s board of directors and outside lawyers that began last month.
Fredric Tomczyk, a board member at Cboe, which runs the largest stock options exchange in the United States, will take over as CEO.
Looney, 53, left BP for failing to disclose the extent of his past personal relationships at the oil giant.
BP has been criticized for naming him its boss in 2020 even though his reputation for relationships is apparently widespread.