CME Group Inc. (CME, Financial) has announced significant leadership updates, including the extension of Chairman and CEO Terrence A. Duffy's employment agreement. The Board of Directors, following recommendations from the Nominating and Governance Committee and the Compensation Committee, has approved an amended and restated employment agreement with Mr. Duffy, extending his term until December 31, 2026. This move underscores the Board's confidence in Mr. Duffy's strategic vision and deep industry knowledge, which are deemed crucial for the company's long-term shareholder value creation.
The amended agreement maintains Mr. Duffy's current compensation structure, including his minimum annual base salary, target bonus opportunity, and long-term incentive grants. Notably, if Mr. Duffy remains with the company through the end of 2026, he will be eligible for a bonus under the company's incentive plan and all outstanding unvested time-vesting equity awards will vest. Performance-based equity awards will vest or be forfeited based on actual company performance over the full term.
In addition to Mr. Duffy's contract extension, CME Group has promoted Lynne Fitzpatrick to President and Chief Financial Officer. Ms. Fitzpatrick has been serving as Chief Financial Officer since April 2023. Furthermore, Julie Holzrichter will step down from her role as Chief Operating Officer, transitioning to an advisory position. Suzanne Sprague, previously Senior Managing Director & Global Head of Clearing and Post-Trade Services, will assume the role of Chief Operating Officer.
These leadership changes are part of CME Group's strategic efforts to strengthen its executive team and drive future growth. The company remains committed to executing its strategy for long-term success and delivering value to its shareholders.
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