Terry Duffy, CME Group
Scott Mullin | CNBC
CME Group’s longtime leader Terry Duffy will step down as chief executive officer next year and be replaced by president and chief financial officer Lynn Fitzpatrick.
Duffy, 67, will transition to executive chairman on March 1, 2027, the company announced Wednesday. It celebrates more than 20 years of work that has transformed the Chicago-based exchange operator into one of the world’s largest derivatives markets.
“Leading CME Group through more than 25 years of innovative growth has been one of the greatest honors of my life,” Duffy said in a statement.
Since becoming chairman in 2002, Mr. Duffy has overseen CME’s transformation from a floor-based exchange to a global derivatives powerhouse. He led the company’s initial public offering, transition to electronic trading, and industry-defining acquisitions, including the 2007 merger with the Chicago Mercantile Exchange and the 2008 acquisition of the New York Mercantile Exchange.
Duffy also guided CME through the financial crisis, the collapse of broker-dealer MF Global, and significant changes in market structure. The company recently expanded through its acquisition of NEX Group, a partnership with Google Cloud, and a venture with FanDuel to reach a broader retail audience.
Mr. Fitzpatrick, a 20-year veteran of CME, has served as president and chief financial officer since 2022 and has played a key role in the company’s strategy, capital allocation and investor relations.
“I am grateful for the confidence that he and the board have placed in me, and I look forward to working with our investors, customers and employees around the world to grow our core business and create value for our shareholders,” Fitzpatrick said in a statement.
Correction: CME Group announced Wednesday. Previous versions listed the days of the week incorrectly.
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