.jpg)
Dear Shareholders,
April 3, 2025
As Chair of Cboe’s Board of Directors, I am committed to helping to ensure that the Board is acting in your best interest to help drive continued success for Cboe. The company has evolved greatly since I joined the Board in 2016 but each year, I gain a new reminder of the value of this business and the talent of the team running it.
2024 was a strong year for Cboe. As you will read in CEO Fred Tomczyk’s letter, the Cboe team spent most of 2024 sharpening its strategy and creating alignment across the company. That work paid off and Cboe achieved record net revenue and earnings in 2024. Cboe is well-positioned to have another great year in 2025.
The Board of Directors and Cboe management team are fully aligned on the strategy of the business, and I have the utmost confidence in the Cboe team’s ability to execute on this strategy and vision. Cboe will further strengthen its global presence by embracing secular trends, enhancing market accessibility and continuing to operate trusted, reliable exchanges. In a time of increased uncertainty, Cboe provides essential resources for investors worldwide. Cboe’s exchanges offer people a neutral place to trade their views and manage their risk exposure with the products and services needed to do so effectively—all built on leading edge, reliable technology.
As you are aware, our Board has begun a search for Fred Tomczyk’s successor and on executing an orderly succession. The Board is focused on appointing the best candidate for the role, someone who will lead Cboe into its next chapter. I want to thank Fred for his leadership as CEO over the last year and a half. Fred tenaciously led the company through a challenging time and set a strategy for long-term growth.
I would also like to thank the Cboemanagementteam,whodeliveredanotherrecordyearandareinstrumentaltoCboe’scontinuedsuccess. From the perspective of Cboe’s Board, the company is well-positioned to execute on its strategy in 2025 and continue serving as an integral part of the global financial services industry.
William M. Farrow III
Chairman of the Board
