Chicago-based CME Group, operator of the leading U.S. derivatives exchange, is planning an executive shuffle.
The firm’s CEO, Phupinder Gill, announced that he plans to retire at the end of the year and Terry Duffy, president and executive chairman, will take over as chairman and CEO. Consequently, Bryan Durkin, currently chief commercial officer, will replace Duffy as president.
Duffy led CME Group through its initial public offering and several significant acquisitions. Durkin was responsible for executing the global company integrations following CME’s merger with the CBOT in 2007 and the NYMEX in 2008.
In the wake of the moves, Duffy says in a statement that CME Group’s “strategy remains unchanged.”