(Bloomberg) -- Ed Tilly, the former chief executive officer of Cboe Global Markets Inc., has landed a new CEO post after his decade-long run atop the public exchange abruptly ended over his failure to disclose personal relationships.
Tilly will take over at brokerage-service provider Clear Street as Chris Pento, the co-founder and current CEO, steps down and transitions responsibilities in coming months, according to a memo seen by Bloomberg News. Pento will remain on the board and join Uri Cohen’s White Bay family office by year-end, Pento said in the memo.
Cboe’s stock more than tripled during the decade Tilly spent at Cboe. He left the exchange operator last September after a board investigation determined he didn’t disclose personal relationships with colleagues. Tilly was named president of Clear Street in July, marking his re-entry into the financial-markets industry.
“This new chapter will also allow me more time to help Uri at White Bay,” Pento said in the memo, which was confirmed by a Clear Street spokesperson.
Cohen’s White Bay Group was one of the earliest investors in Clear Street, according to people familiar with the matter. Cohen is currently executive chairman of the firm.
“We have full confidence in Ed’s ability to lead CS, as he brings his leadership strength and proven experience running a global organization to the CEO role,” Pento said.
Founded in 2018, Clear Street aims to replace “legacy infrastructure used across capital markets” with a prime-brokerage platform that saves clients money and improves efficiency. In December it raised $685 million at a valuation of $2.1 billion.
The firm started in equities trading and has since expanded to options, fixed income and most recently the futures markets. It’s looking to grow beyond the US, taking its market operations to Europe and Asia, and has set out to achieve that goal by striking deals and recruiting high-profile talent. In July, it agreed to buy Instinet’s algorithmic-trading business, Fox River.
©2024 Bloomberg L.P.
