CME Group's CEO Phupinder Gill will retire at the end of the year, according to a statement issued by the world's largest futures market operator. The departure was announced just a year after Gill extended his employment contract to 2019.
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Executive Chairman Terry Duffy has taken on the role of CEO and Bryan Durkin, currently the Chief Commercial Officer, has been made president of the company. Both will work alongside Gill over the next two months during the transition.
Phupinder Gill has played a valuable role in helping CME achieve dynamic global expansion.
Gill was appointed chief executive of CME in 2012. He is a 28-year veteran of the company that used to be, as the Chicago Mercantile Exchange, the smallest of Chicago's two futures exchanges. CME is now a global giant with a strong presence in New York and London, offering trading in contracts from gold to interest rates.
Duffy commented: "Phupinder Gill has dedicated the majority of his career to the futures industry, and has played a valuable role in helping CME achieve dynamic global expansion, developing a strong growth strategy, creating a strategic sales team structure and establishing a customer-focused orientation across the organization. Going forward, our strategy remains unchanged."
Gill added: “It is the right time for me to retire, and I am confident that Terry, Bryan, and the management team, along with the entire staff of CME, will continue to further advance our strategy and lead the company into the future."
Reversal of Fortunes
When Gill joined CME Group back in 2012, the company had to endure the failure of futures broker MF Global which it was responsible for auditing, but over the following years its fortunes reversed as the company cut costs and improved profitability.
As reported by Finance Magnates on Wednesday, CME Group saw all-time highs across multiple assets, including a record high in single-day volume of 44,516,949 contracts after Donald Trump's stunning US presidential win fuelled massive market swings.
