Investing.com — Cboe Global Markets (NYSE:) has said that Edward Tilly has resigned as Chairman and Chief Executive Officer of the derivatives and securities exchange network after he failed to disclose “personal relationships” with colleagues.
In a statement, Cboe said that the conduct of Tilly had violated its policies and stood “in stark contrast” to its values.
The announcement comes after an investigation led by Cboe’s Board of Directors and outside independent counsel that was launched late last month.
Tilly’s actions, the company noted, do not “impact the company’s strategy, financial performance, technology and market operations, reporting, or internal controls.”
Current board member and former TD Ameritrade President Fredric Tomczyk has been appointed to take over as CEO, effective immediately.
Shares in Cboe climbed in early U.S. trading on Tuesday.