CHICAGO – Terry Duffy, executive chairman and president of CME Group, will take on the expanded role of CEO at CME Group. He will succeed Phupinder Gill, who announced he is retiring at the end of the year on Dec. 31.
Additionally, Bryan Durkin, who is currently chief commercial officer, has been named president of CME Group. During the next two months, Gill will work with Duffy, Durkin and the CME management team on the transition.
“It has been my greatest honor to have been a part of the transformation of CME Group,” Gill said in a statement. “I am extremely optimistic about the future of the company, due in large part to the unparalleled expertise of our talented employees across the world. I’m proud of all we have been able to achieve together on behalf of our customers and shareholders. 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.”
Gill has served in numerous roles during his 28-year tenure with CME. He was named CEO in 2012.
|Terry Duffy, CEO at CME Group|
Duffy has served as executive chairman and president of CME Group since 2012. He is credited with leading the company through its strategic acquisitions of Chicago Board of Trade (CBOT) and NYMEX as well as CME’s initial public offering. Duffy currently serves as co-chair of the Mayo Clinic Greater Chicago Leadership Council. He also is vice chairman of the CME Group Foundation and president of the CME Group Community Foundation.
“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,” Duffy said in a statement. “Going forward, our strategy remains unchanged.”
“At the same time, we are extremely pleased to promote Bryan to president,” Duffy said of Durkin. “Given his more than 30 years of experience in all aspects of the business, he is a proven leader with deep product and operational knowledge, as well as strong customer and industry relationships. Together, with our management team and employees around the world, we will continue to work to achieve our strategic objectives and serve our clients globally.”
Durkin has served as chief commercial officer of CME Group since 2014 and as COO from 2007 to 2014, according to the company. He has had responsibility for CME’s global operations, technology, product and business development, international growth and sales functions. Additionally, he led the global company integrations following CME’s merger with CBOT in 2007 and NYMEX in 2008. He previously held senior leadership roles at CBOT, including executive vice president and COO. He serves on the board of directors of CME Europe and Bursa Malaysia Derivatives Berhad. He also is a member of the COMEX Governors Committee, the CFTC’s Technology Advisory and Energy and Environmental Markets Advisory Committees. He also serves on the boards of the CME Group Community Foundation and Misericordia, which provides care for individuals with mild to profound disabilities.