CME Group Extends Employment Agreements with Executive Chairman & President Terry Duffy and CEO Phupinder Gill
CHICAGO, Feb. 5, 2014 /PRNewswire/ -- CME Group, the world's leading and most diverse derivatives marketplace (NASDAQ: CME), today announced that it has extended its employment agreement with Executive Chairman and President Terry Duffy through December 31, 2017.
In addition, the company announced that it has extended its employment with CEO Phupinder Gill through December 31, 2016.
Duffy, 55, a more than 30-year veteran of the futures industry, has served as Executive Chairman and President of CME Group since 2012, and Executive Chairman since July 2007. Prior to that, he was Chairman of the Board of CME and CME Holdings since April 2002 and Executive Chairman since October 2006. Duffy was Vice Chairman of the Board of CME Holdings from its formation in 1998 to April 2002. He was President of TDA Trading, Inc. from 1981 to 2002. He has been a member of CME since 1981 and a Board member since 1995. Through his positions, Duffy has been a leading force behind the exchange's ongoing evolution as well as its increasing prominence in the U.S. and globally. He was instrumental in facilitating the transition to electronic trading, influencing the company's demutualization and initial public offering in 2002, which made CME the first publicly traded financial exchange in the U.S. He has played a critical role in the exchange's growth, including the historic merger with the Chicago Board of Trade (CBOT) in 2007 and the New York Mercantile Exchange (NYMEX) in 2008. In 2002, Duffy was appointed by President George W. Bush and confirmed by the U.S. Senate in 2003 as a member of the Federal Retirement Thrift Investment Board (FRTIB), which administers the Thrift Savings Plan, a $190 billion retirement savings plan for federal employees. He currently serves on the Board of Directors of World Business Chicago, the Board of Trustees of Saint Xavier University, and the Regional Advisory Board of The American Ireland Fund and is Co-Chair of the Mayo Clinic Greater Chicago Leadership Council. He also is Vice Chairman of the CME Group Foundation.
Gill, 53, who has been with the company since 1988, has served as President of CME Group since July 2007 and served as President and Chief Operating Officer of its predecessor companies, CME Holdings and CME since January 2004. In these positions, Gill was responsible for implementing strategic initiatives and overseeing the divisions responsible for products and services, technology, global operations, clearing, enterprise solutions, and research and product development. From 2000 to 2003, Gill was Managing Director and President of CME Clearing, the largest derivatives clearing house in the United States. He led the implementation of the company's historic clearing agreement with the Chicago Board of Trade to provide clearing and processing services for all CBOT products, which ultimately paved the way for CME's merger with CBOT in 2007. Prior to that, Gill held numerous other positions within CME Clearing and has been responsible for overseeing virtually every function within the clearing organization. Gill is President of GFX Corp., a wholly-owned subsidiary of CME Group that provides liquidity in foreign exchange futures, and serves on the Board of Directors of CME Clearing Europe. He is also serves on the Board of Directors of Teach for America, The Alexander Maxwell Grant Foundation and the CME Group Foundation.
As the world's leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. CME Group brings buyers and sellers together through its CME Globex® electronic trading platform and its trading facilities in New York and Chicago. CME Group also operates CME Clearing, one of the world's leading central counterparty clearing providers, which offers clearing and settlement services across asset classes for exchange-traded contracts and over-the-counter derivatives transactions. These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk.
CME Group is a trademark of CME Group Inc. The Globe Logo, CME, Globex and Chicago Mercantile Exchange are trademarks of Chicago Mercantile Exchange Inc. CBOT and the Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are registered trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. KCBOT, KCBT and Kansas City Board of Trade are trademarks of The Board of Trade of Kansas City, Missouri, Inc. All other trademarks are the property of their respective owners. Further information about CME Group (NASDAQ: CME) and its products can be found at www.cmegroup.com.
SOURCE CME Group