Terrence A. Duffy was named CEO of derivatives exchange operator CME Group, replacing Phupinder Gill, who will retire Dec. 31.
Mr. Duffy, who was executive chairman and president, will remain chairman of the firm. Bryan Durkin, chief commercial officer, was named president, according to a news release from CME Group issued Thursday.
Mr. Gill has been CEO since 2012. He will work on the leadership transition with Messrs. Duffy and Durkin through the end of the year.
“I'm proud of all we have been able to achieve together on behalf of our customers and shareholders,” Mr. Gill said in the news release, adding, “It is the right time for me to retire.”
Information on Mr. Durkin's replacement could not be learned. Officials at CME could not be reached for comment or further details.