In a significant development, Cboe Global Markets Inc. has announced the resignation of Edward Tilly from his position as CEO. The decision comes in the wake of a thorough investigation that revealed Tilly’s failure to disclose personal relationships with colleagues, a breach of company policies and a clear departure from the organization’s core values.

The derivatives and securities exchange network wasted no time in addressing this issue and promptly appointed Fredric Tomczyk, a current member of Cboe’s board of directors, as the new CEO, effective immediately. Tomczyk brings a wealth of experience to the role, having previously served as the CEO of TD Ameritrade Holding Corp.

The investigation, launched by the board of directors and conducted with the assistance of outside independent counsel, commenced in late August. Its findings ultimately led to the conclusion that Mr. Tilly’s actions were in direct contravention of Cboe’s stringent policies and, more importantly, ran counter to the fundamental values that underpin the organization.

In a statement, the company emphasized, “The Board of Directors determined that Mr. Tilly did not disclose personal relationships with colleagues, which violated Cboe’s policies and stands in stark contrast to the company’s values.”

With immediate effect, William M. Farrow, III, who presently serves as the Lead Director of Cboe, has been appointed as the non-executive Chairman of the Board of Directors.

Information for this briefing was found via Bloomberg. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.