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Mr. Tilly will terminate his status and affiliation as a CBOE member prior to assuming his duties as CBOE's Executive Vice Chairman, a position that was newly created as part CBOE's ongoing transition to a for-profit, demutualized company. The Executive Vice Chairman will be responsible for CBOE's Business Development and Strategic Planning functions and will report directly to CBOE Chairman and CEO William J. Brodsky.
"We are thrilled that Ed will remain on the CBOE team and play a key role in CBOE's management," said CBOE Chairman and CEO Brodsky. "The position of Executive Vice Chairman streamlines our executive team and plays to Ed's strengths and experience. He had a leadership role in the conceptualization and rollout of CBOE's highly successful Hybrid Trading System. In his three terms as Vice Chairman, Ed worked closely with CBOE management in developing CBOE's strategic direction and he will continue to do so as Executive Vice Chairman."
"This is an exciting time in the history of our industry, and CBOE is at its forefront. It is extremely gratifying to have the opportunity to continue the important work already underway at CBOE and to play a role in the Exchange's next chapter," said Ed Tilly. "I have had the privilege over the last several years at CBOE to work alongside some of the most talented men and women in the industry. The dedication of our staff and membership is without equal, and I look forward to playing a new role on that winning team."
As a 20-year veteran of the options industry, Mr. Tilly (age 42), has traded as a market maker and DPM on the CBOE, headed a market making firm and, most recently, served as CBOE Vice Chairman. He served as a member of the CBOE Board of Directors from 1998 to 2000 and from 2003 to 2006. Mr. Tilly chaired the CBOE Competition Task Force and served on the Executive and Compensation Committees of the Board. He was previously a member of the Board of Directors of OneChicago and the National Stock Exchange (NSX). Mr. Tilly received a Bachelor's degree in Economics from Northwestern University in 1987.
John Smollen (age 46), who will succeed Ed Tilly as CBOE Member Vice Chairman, has been a CBOE member since 1997, and a CBOE Floor Director and Board Member since 2002. He began his career in 1983 at the American Stock Exchange, eventually becoming a managing partner of Cohn, Duffy and McGowan. Mr. Smollen moved to Chicago in 1997 following the relocation of the New York Stock Exchange's option division to the CBOE. In 1998, Spear, Leeds and Kellogg (SLK) acquired the Chicago trading operation of Cohn, Duffy and McGowan. Mr. Smollen joined SLK and eventually became responsible for the DPM and market making business in Chicago. SLK was acquired by Goldman Sachs in September 2000, and in November 2001, Mr. Smollen was made managing director at Goldman Sachs.Since December, 2001, Mr. Smollen has been part of the SLK-Hull Derivatives trading group and serves on its Management Committee. Mr. Smollen was elected to the CBOE Board in November 2001. He is currently chairman of CBOE's Equity Market Performance Committee and serves on CBOE's Financial Planning Committee as well as on the Executive Committee of the Board.
"We're delighted that John has agreed to serve as CBOE Vice Chairman," said William Brodsky. "His experience as a CBOE member since 1997, and the many years he has served on numerous membership committees and as a floor director and board member will enable him to hit the ground running. We are fortunate that John is willing and able to step up to this new role on behalf of the CBOE membership."
"I'm honored to serve CBOE's membership and look forward to working with my fellow board members on the many important initiatives already underway at CBOE. We have a solid, experienced team in place and I Iook forward to all that we can accomplish in the months ahead," said John Smollen.
CBOE, the world's largest options marketplace and the creator of listed options, is regulated by the Securities and Exchange Commission (SEC). For additional information about the CBOE and its products, visit the CBOE website at: http://www.cboe.com/
