Board of Directors

Board of Directors

Terrence A. Duffy, 
Chairman and Chief Executive Officer
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The Honorable Terrence A. Duffy serves as our Chairman and Chief Executive Officer. Previously, he served as Executive Chairman and President since 2012 and as Executive Chairman since 2006, when he became an officer of the Company.

The Honorable Terrence A. Duffy serves as our Chairman and Chief Executive Officer. Previously, he served as Executive Chairman and President since 2012 and as Executive Chairman since 2006, when he became an officer of the Company. He served as Chairman of the board since 2002 and our Vice Chairman from 1998 until 2002. Mr. Duffy has been a member of our Board since 1995. He was President of TDA Trading, Inc. from 1981 to 2002 and has been a member of CME since 1981. Mr. Duffy was appointed by President Bush and confirmed by the U.S. Senate in 2003 as a member of the Federal Retirement Thrift Investment Board (FRTIB), a position he held until 2013. The FRTIB administers the Thrift Savings Plan, a tax-deferred defined contribution (retirement savings) plan for federal employees. Mr. Duffy was named CEO of the Year at FOW’s 2018 International Awards. He currently serves as Co-Chair of the Mayo Clinic Greater Chicago Leadership Council. He is Vice Chairman of the CME Group Foundation. He also is a member of the Economic Club of Chicago, the Executives' Club of Chicago and the President's Circle of the Chicago Council on Global Affairs. Mr. Duffy attended the University of Wisconsin-Whitewater. He received a Doctor of Public Service, honoris causa, from Saint Xavier University in 2019 and a Doctor of Humane Letters from DePaul University in 2007.

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Charles P. Carey, 
Charles Carey
Mr. Carey has served as a member of our board since 2007 and served as our Vice Chairman in connection with our merger with CBOT Holdings from 2007 until 2010.

Mr. Carey has served as a member of our board since 2007 and served as our Vice Chairman in connection with our merger with CBOT Holdings from 2007 until 2010. Prior to our merger, Mr. Carey served as Chairman of CBOT since 2003, as Vice Chairman from 2000 to 2002, as First Vice Chairman during 1993 and 1994 and as a board member of CBOT from 1997 to 1999 and from 1990 to 1992. Mr. Carey is a principal in HC Technologies LLC. He has been a member of CBOT since 1978 and was a member of the MidAmerica Commodity Exchange from 1976 to 1978. Mr. Carey previously served on the board of CBOT Holdings, Inc. until our merger in 2007. Mr. Carey serves as Chairman of the CME Group Foundation.

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Timothy S. Bitsberger, 
timothy
Mr. Bitsberger has served as a member of our board since 2008.

Mr. Bitsberger has served as a member of our board since 2008. Mr. Bitsberger serves as Managing Director and Portfolio Specialist with The TCW Group. Mr. Bitsberger previously served as Managing Director, Official Institutions FIG Coverage Group of BNP PNA, a subsidiary of BNP Paribas, from December 2010 to December 2015 and as senior consultant with Booz Allen Hamilton from May 2010 to November 2010. Previously, he was with BancAccess Financial from December 2009 to April 2010 and was Senior Vice President and Treasurer of Freddie Mac from 2006 to 2008. Mr. Bitsberger also was with the U.S. Treasury Department from 2001 to 2005 serving first as their Deputy Assistant Secretary for federal finance and more recently as the Assistant Secretary for financial markets. He was confirmed by the U.S. Senate as the Assistant Secretary in 2004.

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Dennis H. Chookaszian, 
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Mr. Chookaszian has served as a member of our board since 2004. Mr. Chookaszian served as Chairman of the Financial Accounting Standards Advisory Council from 2007 to 2011.

Mr. Chookaszian has served as a member of our board since 2004. Mr. Chookaszian served as Chairman of the Financial Accounting Standards Advisory Council from 2007 to 2011. From 1999 until 2001, Mr. Chookaszian served as Chairman and CEO of mPower, Inc., a financial advice provider focused on the on-line management of 401(k) plans. Mr. Chookaszian served as Chairman and CEO of CNA Insurance Companies from 1992 to 1999. During his 27-year career with CNA, Mr. Chookaszian held several management positions at the business unit and corporate levels, including President and COO from 1990 to 1992 and CFO from 1975 to 1990. Mr. Chookaszian serves as a director of Perdeceo (formerly Career Education Corporation) and Pillarstone Capital REIT. Mr. Chookaszian previously served as a director of Allscripts Healthcare Solutions, Inc., Maxar Technologies, LoopNet, Inc. and Prism Technologies Group, Inc. Mr. Chookaszian is a registered certified public accountant.

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Elizabeth A. Cook, 
Liz Cook
Ms. Cook has served as a member of our board since 2015 and has been a member of CME since 1983, starting her career in 1978 as a runner for Clayton Brokerage Inc.

Ms. Cook has served as a member of our board since 2015 and has been a member of CME since 1983, starting her career in 1978 as a runner for Clayton Brokerage Inc. She is a member of the board’s compensation and audit committees. Ms. Cook actively participates as co-chair of the CME arbitration and floor conduct committees and serves on the board of the CME gratuity fund. In addition, she serves on CME’s membership and business conduct committees and continues her involvements as a CME political action committee member. Ms. Cook is the founder and owner of MiCat Group LLC, a firm specializing in option execution services focusing on equities, FX and interest rates. She also serves as president of Lucky Star LLC, a commercial property management company. Ms. Cook is also on the board of Women in Listed Derivatives and Associated Colleges of Illinois. Her external activities include National Association of Corporate Directors Governance Fellow and completion of its Director Professionalism course, Private Directors Association, member of the Executives’ Club of Chicago Finance Forum, member of Business Executives for National Security, Ambassador of the Navy Seal Foundation, Ambassador for The ALS Association Greater Chicago Chapter and an active supporter of Honor Flight Chicago. Ms. Cook has participated in numerous risk and audit educational programs and as a long-time market participant has significant risk management experience.

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Michael G. Dennis, 
Mr. Dennis has served as a member of our Board since May 2020.

Mr. Dennis has served as a member of our Board since May 2020. Mr. Dennis started his career in the derivatives industry working for a proprietary trading firm as a liquidity provider trading back-month Eurodollar futures and U.S. cash government securities. Currently, Mr. Dennis is a Principal and the Chief Commercial Officer of ABN AMRO Clearing Chicago; one of the largest global futures clearing firms. Prior to ABN AMRO, Mr. Dennis was a Director at Societe Generale focused on Prime Brokerage and Clearing Services. Mr. Dennis is a member of the CME and CBOT and currently serves on the business conduct committee. He previously served on our probable cause committee. Mr. Dennis is a graduate of Marquette University with a Bachelor of Science in Finance and holds Series 3, 63, 7and 24 licenses. Mr. Dennis also devotes time to external activities such as Misericordia Heart of Mercy, Danny Did Foundation, A Leg to Stand on and CURE (Citizens United for Research in Epilepsy).

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Bryan Durkin, 
Durkin
Mr. Durkin has served as a member of our Board and as an advisor since May 2020.

Mr. Durkin has served as a member of our Board and as an advisor since May 2020. Formerly, Mr. Durkin served as President of CME Group from 2016, overseeing the company’s Technology, Global Operations, International and Data Services businesses. Mr. Durkin previously served as Chief Commercial Officer since 2014 and as Chief Operating Officer since 2007. As part of his responsibilities, he led the global integrations following CME's merger with the Chicago Board of Trade (CBOT) in 2007 and CME Group's acquisition of the New York Mercantile Exchange (NYMEX) in 2008. Before joining CME Group, Durkin served as Executive Vice President and Chief Operating Officer of the CBOT. Prior to that role, he was in charge of the CBOT's Office of Investigations and Audits. His career with both CME Group and CBOT spanned more than 30 years. He previously served as a member of the COMEX Governors Committee and the Commodity Futures Trading Commission's Technology Advisory Committee and Energy and Environmental Markets Advisory Committee. Mr. Durkin serves on the Board of Advisors for Misericordia and on the Board of Trustees for Lewis University.

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Ana Dutra, 
Ana
Ms. Dutra has served as a member of our board since 2015.

Ms. Dutra has served as a member of our board since 2015. Ms. Dutra served as the CEO of The Executives’ Club of Chicago, a world-class senior executives organization focused on the development, innovation and networking of current and future business and community leaders, from September 2014 to until her retirement on September 2018. Prior to that she was a Proxy Officer and CEO of Korn/Ferry Consulting from 2007 until 2013. Ms. Dutra serves as a director of Elkay Manufacturing, Lifespace Communities, Greeley and Hansen, The Committee of 200. Latino Corporate Directors Association, Lurie Children’s Hospital of Chicago and Blessings-in-a-backpack.

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Martin J. Gepsman, 
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Mr. Gepsman has served as a member of our board since 1994 and served as Secretary of the board from 1998 to 2007.

Mr. Gepsman has served as a member of our board since 1994 and served as Secretary of the board from 1998 to 2007. He has been a member of CME for more than 35 years. Mr. Gepsman has also been an independent floor broker and trader since 1985. Mr. Gepsman currently serves as Chairman of our business conduct, membership and floor conduct committees and serves as Chairman of the CME Gratuity Fund. During his board tenure, he served as a member on the compensation, strategic steering, executive, clearing house oversight, ethics, probable cause and arbitration committees. Mr. Gepsman has also held board positions, including a Chairman’s role, at the company’s foreign regulated subsidiaries. He also serves as Vice Chairman of the CME political action committee. Mr. Gepsman also serves on the membership appeals committee with the National Futures Association. He was a member of the Chicago Board Options Exchange from 1982 to 1985.

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Larry G. Gerdes, 
Gerdes
Mr. Gerdes has served as a member of our board since 2007 and as our Lead Director since August 2017.

Mr. Gerdes has served as a member of our board since 2007 and as our Lead Director since August 2017. Mr. Gerdes has served as CEO of Pursuant Health (fka SoloHealth), a private health-care company in Atlanta since February 2014, as its Executive Chairman of the board since November 2013, as its Chairman since 2012 and as a board member since 2007. Mr. Gerdes is also a general partner of Gerdes Huff Investments. Mr. Gerdes served as a general partner of Sand Hill Financial Company, a venture capital partnership, from1983 to January, 2019. Mr. Gerdes formerly served as Chairman and CEO of Transcend Services, Inc., concluding with the sale of that company in April 2012, and as a director of Access Plans, Inc. from 2001 until its sale in June 2012. Mr. Gerdes is a major shareholder and President of Friesland Farms, LLC. Mr. Gerdes is an Ambassador at The Kelley School of Business at Indiana University, a Director Emeritus at Monmouth College, and serves on the board of Citizens First State Bank. .Mr. Gerdes is also a director and part owner of Walnut Custom Components. Mr. Gerdes previously served on the board of CBOT Holdings, Inc. until our merger in 2007.

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Daniel R. Glickman, 
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Mr. Glickman has served as a member of our Board since 2001 and served as our Lead Director from August 2014 to August 2017.

Mr. Glickman has served as a member of our Board since 2001 and served as our Lead Director from August 2014 to August 2017. Mr. Glickman has served as Executive Director of the Aspen Institute’s Congressional Program since 2011 and as Vice President of the Aspen Institute since 2012. Mr. Glickman also has served as Senior Fellow for the Bipartisan Policy Center since 2010. From 2004 to 2010, Mr. Glickman served as Chairman and CEO of the Motion Picture Association of America, Inc. Mr. Glickman previously served as Director of the Institute of Politics at Harvard University’s John F. Kennedy School of Government from 2002 to 2004 and served as Senior Advisor in the law firm of Akin, Gump, Strauss, Hauer & Feld, from 2001 to 2004. He also served as U.S. Secretary of Agriculture from 1995 through 2001 and as a member of the U.S. Congress, representing a district in Kansas, from 1977 through 1995. Mr. Glickman is a Distinguished Fellow of the Chicago Council of Global Affairs and current member and Founding Chairman of the Board of the Foundation for Food and Agriculture Research, established in the 2014 Farm Bill by Congress, and Chairman of the International Advisory Board of APCO Worldwide, a public relations firm based in Washington, DC. Mr. Glickman also serves on a number of non-profit advisory boards with a focus on agriculture, food supply and food security. Mr. Glickman also co-chairs the company's agricultural markets advisory committee.

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William W. Hobert, 
William
Mr. Hobert has served as a member of our board since 2018 and previously during 2015-2017.

Mr. Hobert has served as a member of our board since 2018 and previously during 2015-2017. Mr. Hobert founded WH Trading, LLC, a proprietary options and futures trading firm, in 1998. WH Trading serves as a market maker and liquidity provider in numerous asset classes at CME in both its open outcry and electronically traded markets. From 1988 to 1994, Mr. Hobert worked for Cooper-Neff and Associates as an FX options market maker on the floor of CME and in over-the-counter markets. In 1994, he founded Hobert Trading Inc. which is currently a member of WH Trading, LLC.

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Daniel G. Kaye, 
Kaye
Mr. Kaye has served as a member of our Board since May 2019.

Mr. Kaye has served as a member of our Board since May 2019. Mr. Kaye served as Interim Chief Financial Officer and Treasurer of HealthEast Care System from January 2013 to May 2014. Prior to joining HealthEast, Mr. Kaye spent 35 years with Ernst & Young LLP from which he retired in 2012. Throughout his time at Ernst & Young, where he was an audit partner for 25 years, Mr. Kaye enjoyed a track record of increasing leadership and responsibilities, including serving as the New England Managing Partner and the Midwest Managing Partner of Assurance. Mr. Kaye serves on the compensation committee of AlianceBernstein and on the audit (Chair), finance and risk committees of Equitable Holdings, Inc. (formerly AXA Equitable Holdings). Mr. Kaye is a Certified Public Accountant and National Association of Corporate Directors (NACD) Board Leadership Fellow.

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Phyllis M. Lockett, 
Phyllis
Ms. Lockett has served as a member of our Board since May 2019.

Ms. Lockett has served as a member of our Board since May 2019. Ms. Lockett has served since 2014 as the founding CEO of LEAP Innovations, a national non-profit organization that works with educators and technology companies from across the nation to research, pilot and scale new instructional designs and technology solutions that advance student learning. Prior to her role at LEAP, Ms. Lockett served as President and CEO of New Schools for Chicago, a venture philanthropy organization that invests in the start-up of new public schools, since 2005. Ms. Lockett served from 1999 to 2005 as Executive Director of the Civic Consulting Alliance, a pro-bono consulting firm sponsored by the Civic Committee of the Commercial Club of Chicago that leads strategic planning initiatives, process improvement, and program development projects for government agencies. She also held marketing, sales, and business development roles with Fortune 500 companies including IBM, Kraft Foods, and General Mills. Ms. Lockett is an independent director of the Federal Home Loan Bank of Chicago. She is also a member of The Economic Club of Chicago, The Chicago Network, the Commercial Club of Chicago, and a Henry Crown Fellow with the Aspen Institute. Recently, Phyllis was named a contributor to Forbes, where she writes about education innovation and the future of learning.

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Deborah J. Lucas, 
Deborah
Ms. Lucas has served as a member of our board since 2018.

Ms. Lucas has served as a member of our board since 2018. Ms. Lucas has served as the Sloan Distinguished Professor of Finance at the MIT Sloan School of Management since 2011 and as the Director of the MIT Golub Center for Finance and Policy from 2012. Her current research focuses on government financial institutions and financial policy, and she teaches courses on futures and options, fixed income securities and derivatives. She serves on advisory boards for the Federal Reserve Bank of New York and the Urban Institute.  She is a trustee of the NBER pension plans, an associate editor for several academic journals, and a member of the Shadow Open Market Committee and the Financial Economics Roundtable. Previous appointments include assistant and associate director at the Congressional Budget Office; professor at Northwestern University’s Kellogg School; chief economist at the Congressional Budget Office, and senior staff economist at the Council of Economic Advisers. She has been an independent director on several corporate and non-profit boards, including the Federal Home Loan Bank of Chicago.

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Patrick W. Maloney, 
Mr. Maloney has served as a member of our Board since May 2020.

Mr. Maloney has served as a member of our Board since May 2020. Mr. Maloney has been a member of CME since 1985. Mr. Maloney has served as an independent floor broker in the Eurodollar option pit from 2007 to present. Mr. Maloney has served on numerous CME functional committees: pit committee 1997-1999, nominating committee 1995-1996, arbitration committee 1994-1995, booth space committee 1992-1996 and floor practices committee 1995-1997. Mr. Maloney currently serves on our political action committee.

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Patrick J. Mulchrone, 
Mr. Mulchrone has served as a member of our Board since May 2020.

Mr. Mulchrone has served as a member of our Board since May 2020. Mr. Mulchrone has been a member of CME since 1980. He served as a filling order broker in the Eurodollar pit until 2004. Mr. Mulchrone has been an independent trader from 2004 to present. Mr. Mulchrone is a founder of Advantage Futures (2003). He served as a member of the board of directors of Standard Bank & Trust until its sale in 2017. He serves as the Vice Chairman of our political action committee and has served on the Class B-2 nominating committee.

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Terry L. Savage, 
terry
Ms. Savage has served as a member of our Board since 2003.

Ms. Savage has served as a member of our Board since 2003. Ms. Savage is a nationally-syndicated financial columnist, author and President of Terry Savage Productions, Ltd., which provides speeches, columns and videos on personal finance for corporate and association meetings, publications and national television and radio programs and networks. She recently published the third edition of The Savage Truth on Money. Ms. Savage is a registered investment advisor and commodity trading advisor. She was a member of CME from 1975 to 1980.

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Rahael Seifu, 
Ms. Seifu has served as a member of our Board since May 2020.

Ms. Seifu has served as a member of our Board since May 2020. Ms. Seifu is a Senior Counsel at Google LLC where she has served as a product and commercial counsel since 2014 and is currently the acting Chief of Staff for the Legal Department. Prior to joining Google, Ms. Seifu was a Corporate Associate at Morrison & Foerster in San Francisco from 2013 to 2014 where she focused on mergers and acquisitions and provided corporate governance guidance for public company boards and special committees. Ms. Seifu served from 2008 to 2013 as a Corporate Associate at Davis Polk & Wardwell where she worked on mergers and acquisitions, investments, and various other corporate transactions. She also advised clients on regulatory compliance, securities law reporting, and corporate governance matters. Immediately following law school, Ms. Seifu served as a law clerk to the Honorable Judge George B. Daniels of the Southern District of New York.

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Howard J. Siegel, 
siegel
Mr. Siegel has served as a member of our board since 2000.

Mr. Siegel has served as a member of our board since 2000. Mr. Siegel has been a member of CME since 1977. In 1978, Mr. Siegel began his trading career at Moccatta Metals in their Class B arbitrage operations and served as an order filler until 1980. From there, he went on to fill orders and trade cattle from 1980 until 1982. At that time, Mr. Siegel became a partner and an officer in a futures commission merchant that cleared at CME until selling his ownership interest in 1990. For more than 30 years, Mr. Siegel has been an independent trader on our CME exchange. He continues to actively trade electronically in our agricultural product suite. Mr. Siegel is the secretary and treasurer of the CME Group Foundation. He also serves on our risk and clearing house oversight committees.  Mr. Siegel co-chairs our clearing house risk and chairs our interest rate swaps risk committees.

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William R. Shepard, 
Mr. Shepard has served as a member of our board since 1997.

Mr. Shepard has served as a member of our board since 1997. Previously he served as our Second Vice Chairman from 2002 to 2007. He has been a member of CME for more than 30 years. Mr. Shepard is founder and President of Shepard International, Inc., an Introducing Broker ("IB").

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Dennis A. Suskind, 
dennis
Mr. Suskind has served as a member of our board since 2008.

Mr. Suskind has served as a member of our board since 2008. Mr. Suskind joined J. Aron & Company in 1961 where he served as Executive Vice President and was responsible for the worldwide precious metal trading operations. In 1980, Mr. Suskind became a general partner of Goldman Sachs upon its acquisition of J. Aron & Company until his retirement in 1990. During his tenure in trading metals, Mr. Suskind served as Vice Chairman of NYMEX, Vice Chairman of COMEX, a member of the board of the Futures Industry Association, a member of the board of International Precious Metals Institute, and a member of the boards of the Gold and Silver Institutes in Washington, D.C. Mr. Suskind currently serves on the board of Bridgehampton National Bank. Mr. Suskind previously served on the board of NYMEX Holdings.

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Robert J. Tierney Jr., 
Tierney
Mr. Tierney has served as a member of our Board since May 2019.

Mr. Tierney has served as a member of our Board since May 2019. Mr. Tierney has been an active independent trader and a member of the CME and CBOT since 2000. Currently, Mr. Tierney is a managing member and owner of Kore Trading LLC, a registered member firm holding multiple memberships on CME, NYMEX and CBOT. He actively trades and mentors college graduates in the mechanics of spread trading across multiple asset classes. Mr. Tierney also serves as a CME committee member on the business conduct committee since 2012 and he serves as a member of our clearing house oversight committee. Previously, he was a managing partner at AlphaBit Trading LLC from 2012-2018.

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