just now
CME Group has announced that Terry Duffy, its longest-serving Chairman and Chief Executive Officer, will transition to the role of Executive Chairman on 1 March 2027, with President and Chief Financial Officer Lynne Fitzpatrick set to succeed him as Chief Executive Officer on the same date.
Fitzpatrick will also join the CME Group Board of Directors when she takes up the role, the Chicago-based group confirmed on 17 June 2026.
A quarter of a century at the helm
Duffy has led CME Group for more than 25 years, having been appointed Chairman in 2002, Executive Chairman in 2006 and Chairman and Chief Executive Officer in 2016. Over that period he oversaw the company's shift from floor-based to electronic trading and steered it to become the first US exchange to go public.
The group now trades an average daily volume of 28.1 million contracts and commands a market capitalisation of more than 95 billion dollars, a figure it says is up more than 8,000 percent since Duffy took the company public in 2002.
His tenure also took in the industry's first major exchange merger, the 2007 combination with cross-town rival the Chicago Board of Trade, followed swiftly by the acquisition of the New York Mercantile Exchange in 2008. He went on to guide the business through the global financial crisis and the collapse of MF Global, and later oversaw the 2018 acquisition of NEX, a 2021 partnership with Google Cloud and, in 2025, a venture with FanDuel aimed at bringing CME Group benchmark products to a wider US retail audience.
"Leading CME Group through more than 25 years of transformative growth has been among the highest honours of my life. Since first stepping onto the trading floor in the 1980s, I have been a believer that strong, transparent and regulated markets are a powerful force in driving progress for economies, businesses and individuals." - Terry Duffy, Chairman and Chief Executive Officer, CME Group
Duffy added that the company was well positioned for the next phase, saying he had "never been more optimistic about its future potential" and would look to work even more closely with Fitzpatrick during the transition. He described her as "the right person at the right time", citing more than 20 years of strategic and financial expertise.
From a runner in the lean hog pit
Duffy's career at the exchange began in 1980 when he joined as a runner in the lean hog pit. He bought a seat to become a member the following year and founded his own trading company, TDA Trading, in 1981. He joined the board of the Chicago Mercantile Exchange in 1995, was named Vice Chairman in 1998 and went on to hold the most senior positions in the firm.
A regular witness before Congress on derivatives market issues, Duffy was inducted into the Futures Industry Association Hall of Fame in 2025 and previously served on the Federal Retirement Thrift Investment Board between 2003 and 2013, following appointment by President Bush and confirmation by the US Senate.
Board backing for the succession
CME Group Lead Director Charlie Carey paid tribute to Duffy's record and welcomed the continuity offered by his move to Executive Chairman.
"On behalf of the CME Group Board, I thank Terry for his tremendous leadership, not only as the longest running Chairman and CEO in our company's history, but also as the foremost champion of our business, our markets and the global futures industry." - Charlie Carey, Lead Director, CME Group Board of Directors
Fitzpatrick steps up
Fitzpatrick was appointed President and Chief Financial Officer in 2024, having served as Chief Financial Officer from 2023, Deputy Chief Financial Officer from 2022 and Managing Director of Corporate Development and Treasurer from 2017. She joined CME Group in 2006 and has held a series of roles of increasing responsibility, having previously worked as an investment banker at Credit Suisse and UBS.
She holds a bachelor's degree in economics from Brown University and an MBA from the University of Chicago Booth School of Business, and has been recognised in Crain's 40 Under 40 and among Crain's Chicago Business Notable Leaders in Finance.
"It is my privilege to have been able to work with and learn from Terry over the last 20 years, and I am honoured to have the opportunity to succeed him as CEO next March. I appreciate the confidence that he and the Board have placed in me." - Lynne Fitzpatrick, President and Chief Financial Officer, CME Group
Found this interesting? Become a member of LiquidityFinder, join the community and join the discussion - join here.
