CME Group, the operator of multiple exchanges, announced this week that it would be losing its President, Bryan T. Durkin, who will be stepping down from the role in May of this year and will instead become a special advisor to the Exchange .
In his new role, Durkin will report to CME Group Chairman and Chief Executive Officer Terry Duffy. Furthermore, the statement which was released on Thursday revealed that the CME Group Board of Directors had recommended that Durkin be elected to the company's board at its annual meeting of shareholders in May 2020.
Commenting on the change, CME's CEO Duffy said in the statement: "As a long-standing champion of the futures industry, Bryan has been an integral part of our leadership team for more than a decade."
"He is well-respected by colleagues and clients alike and will continue to advance both the industry and our business in his new role as a member of the board and in his advisory role."
CME Group veteran
Durkin has been a veteran of the CME Group, having been with the company for 37 years. He started his career in 1982 as an investigator. During his career with CME, he has served as the Chief Commercial Officer and Chief Operating Officer.
In these roles, he was responsible for leading the company's global integrations following its merger with the Chicago Board of Trade (CBOT) in 2007 and, one year later, CME Group's acquisition of the New York Mercantile Exchange (NYMEX).
"I am profoundly proud to have served the clients and shareholders of CME Group through a period of tremendous growth," Durkin added. "I have been fortunate to play a role in the dynamic expansion of the global derivatives markets and the critical Risk Management role they play in every economy."
"It has been my great honor to work with our talented team of employees around the world, and I will continue to work with Terry, the board and our management team to advance our business objectives in this new capacity."
