Sept 9 (Reuters) – CME Group named insider Jack Tobin as chief financial officer on Wednesday, succeeding Lynne Fitzpatrick, who is set to become the derivatives exchange’s first female CEO.
Tobin, who has been CME’s chief accounting officer since 2015, will become deputy CFO in November and assume the position of finance chief in March 2027, when Fitzpatrick takes on the new role.
CME had in June announced that its longtime leader Terry Duffy plans to step down and make way for Fitzpatrick.
The leadership transition comes as traditional derivatives exchanges look beyond their core businesses while facing rising competition from perpetual futures, or “perps”, and fast-growing prediction markets.
Tobin, who joined CME in 2002, has more than 35 years of financial experience. Prior to this, he was the director of finance at the Chicago Board of Trade. He has also worked as a principal consultant at PricewaterhouseCoopers.
CME completed its merger with CBOT in 2007. Its shares have gained more than 1% this year through last close.
Matthew Render, who joined CME as deputy chief accounting officer in August, will succeed Tobin.
(Reporting by Prakhar Srivastava and Pragyan Kalita in Bengaluru; Editing by Shilpi Majumdar)
