CME Group chief Terry Duffy to step down next year and transition to executive chairman role

CME Group Chairman and CEO Terry Duffy, who has been at the helm of the organization for more than 25 years, will step down from his role next year.

Lynne Fitzpatrick, who currently serves as president and chief financial officer, will take over as CEO and will join the CME Group board of directors. Duffy will transition to executive chairman on March 1, 2027, the company announced Wednesday.

Under Duffy's leadership, CME Group transitioned from floor-based to electronic trading and became the first U.S. exchange to go public. Duffy completed the industry's first merger with crosstown rival the Chicago Board of Trade in 2007, a deal that was quickly followed by the acquisition of the New York Mercantile Exchange in 2008. He also guided the company through times of turbulence, including the global financial crisis of 2008.

"Leading CME Group through more than 25 years of transformative growth has been among the highest honors of my life," Duffy said in a statement Wednesday. "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 … I am proud to have played a role in turning my conviction into history, as CME Group has grown from a Chicago institution to a true global powerhouse."

Duffy, who was inducted into the Futures Industry Hall of Fame by the Futures Industry Association last year, joined CME Group as a runner in the lean hog pit in 1980. He purchased a seat to become a member and founded his trading company, TDA Trading, in 1981. Duffy joined the board of Chicago Mercantile Exchange in 1995 and has held a series of leadership positions with CME Group, culminating in his current role as chairman and CEO.

Fitzpatrick joined CME Group in 2006 and previously worked as an investment banker at Credit Suisse and UBS.

CME Group, a derivatives marketplace, traded an average daily volume of 28.1 million contracts last year.

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