Cboe Global Markets Announces Senior Leadership Changes; Promotion of David Howson to President
Cboe Global Markets (CBOE) announced senior management changes to support its global expansion, with David Howson appointed as President, effective May 12, 2022. These shifts reflect the company's growth and aim to enhance customer-led innovation and operational integration. Ed Tilly, CEO and Chairman, emphasized Howson's contribution to Cboe's strategic initiatives, including mergers and acquisitions and product development, positioning the company for further growth in the derivatives and securities networks.
- Appointment of David Howson as President expected to enhance global operations.
- Management changes align with Cboe's strategic growth plans and global expansion.
- Potential concerns regarding continuity due to leadership changes.
- Management transition may create temporary operational adjustments.
CHICAGO and LONDON, March 9, 2022 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today announced changes to its senior management team under Chief Executive Officer Ed Tilly that reflect the company's global expansion in recent years and position it for its next phase of growth. These changes include the appointment of David Howson to the role of President, effective May 12, 2022.
"Cboe's recent growth means it is a very different company from the one it was only a few years ago and is uniquely positioned to drive further sustainable growth and value for our clients, shareholders and employees," says Ed Tilly, Chairman, Chief Executive Officer and current President of Cboe Global Markets. "Through customer-led organic growth initiatives, along with M&A, we now have a truly global footprint across multiple asset classes to help capitalise on key industry trends including an increased demand for trading products and data services globally, the rise of the retail customer and ESG-focused investment. The appointment of David to the role of President, along with the other senior management changes announced today, will allow us to accelerate towards our goal of becoming one of the world's largest global derivatives and securities networks, through continued focus on customer-led innovation, deeper integration across our ecosystem and the realisation of untapped growth opportunities in new regions and markets around the world."
The senior management changes are as follows:
- David Howson, currently Executive Vice President at Cboe and President for Europe and Asia Pacific, will become President of Cboe Global Markets, effective May 12, 2022. Mr. Howson will relocate from London to Chicago to assume his new position and will oversee Cboe's business lines globally, including equities, derivatives, derivatives strategy, FX, data and access solutions, listings and The Options Institute, Cboe's educational arm. Mr. Tilly has served as Cboe Global Markets' President since January 2019, Chairman since February 2017 and as CEO and a director since May 2013.
- Ade Cordell, currently Senior Vice President and President of Cboe Netherlands, will become President, Asia Pacific and will relocate to the region in the fourth quarter of 2022. Mr. Cordell will continue to report to Mr. Howson in his new role, in which he will oversee the business operations of Cboe Australia and Cboe Japan (formerly Chi-X Asia Pacific) and be responsible for the company's further expansion into the region. Cordell will continue to oversee Cboe's European Derivatives (CEDX) business for the remainder of 2022 to ensure a seamless transition to a successor.
- Natan Tiefenbrun, currently Senior Vice President and Head of European Equities at Cboe, will assume the role of President, Europe. Mr. Tiefenbrun will continue to report to Howson in his new role, in which he will oversee Cboe's UK and Amsterdam-based businesses.
"David's promotion reflects his contribution to Cboe attaining the global position it holds today," says Mr. Tilly. "His track record of success at Cboe speaks for itself, having overseen some of our key strategic initiatives in recent years, including both organic growth and M&A. He has spearheaded the development and execution of some of Cboe's most innovative products, the successful asset class diversification into pan-European derivatives and our regional expansion into Asia Pacific. He will play a crucial role as Cboe continues its mission to build one of the world's largest and most comprehensive securities and derivatives networks."
Mr. Howson said: "I couldn't be more excited and honoured to take on the role of President. This is an incredibly exciting time for Cboe given the growth we have experienced over the past few years and I'm looking forward to learning from and working with all our business lines globally as we enter our next phase of growth by further expanding and harmonising the services we provide to customers around the world. I'm also pleased for Natan and Ade to be taking on oversight of Cboe's European and Asia Pacific businesses, respectively, promotions which reflect the considerable impact they have had on the company in a relatively short period of time."
Biographies
David Howson
Mr. Howson has more than 25 years of experience in European and North American financial markets. He joined Cboe in 2017 as part of the Bats acquisition, becoming President, Europe in January 2020 and taking additional responsibility for Asia Pacific in June 2021, following Cboe's acquisition of Chi-X Asia Pacific. He has been instrumental in the company's recent key organic and inorganic growth initiatives. He has spearheaded the growth of Cboe's European business, including the development and execution of some of its most innovative product offerings, including Cboe Europe Periodic Auctions, Cboe BIDS Europe, and BXTR, which has become the largest trade reporting facility in Europe. He oversaw Cboe's acquisition of EuroCCP, the pan-European clearing house, in July 2020 and the subsequent launch of CEDX, Cboe's first pan-European derivatives marketplace. Having helped lead Cboe's acquisition of Chi-X Asia Pacific - which operates alternative equity trading platforms in Australia and Japan – he took on oversight of these businesses and has laid the foundations for an expansion of their products and services.
Prior to joining Bats in 2013, Howson was a founding employee and Chief Technology Officer of Equiduct, a pan-European Regulated Market. He spent the early part of his career consulting on the technology strategy and implementation for various exchanges in the U.S. and Europe, including Nasdaq, Borsa Italiana and LIFFE.
Ade Cordell
Mr. Cordell joined Cboe Europe in January 2020 as head of business development overseeing its expansion into derivatives. He was appointed President, Cboe Netherlands in July 2020 and led the development and launch of Cboe Europe Derivatives in September 2021. He joined Cboe having spent almost 16 years at ICE where he was the Global Head of Equity Derivatives, leading its equity derivatives business development and product teams in London, New York and Chicago. He also worked for Deutsche Bank in London and New York, and for Credit Suisse First Boston in London and Hong Kong.
Natan Tiefenbrun
Mr. Tiefenbrun joined Cboe Europe in June 2021 from Bank of America (BofA), where he worked since 2013. He led BofA's agency equities execution services in the EMEA region, including its high touch, portfolio trading and electronic trading offerings. Prior to BofA, he spent four years with the London Stock Exchange Group, most recently as the Chief Executive Officer of Turquoise, a pan-European equities and equity derivatives trading platform. He began his financial career in 1993 with Instinet.
About Cboe Global Markets, Inc.
Cboe Global Markets (Cboe: CBOE), a leading provider of market infrastructure and tradable products, delivers cutting-edge trading, clearing and investment solutions to market participants around the world. The company is committed to operating a trusted, inclusive global marketplace, providing leading products, technology and data solutions that enable participants to define a sustainable financial future. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives and FX, across North America, Europe and Asia Pacific. To learn more, visit www.cboe.com.
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SOURCE Cboe Global Markets, Inc.
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