CME CEO Gill to retire at year's end; Duffy to get expanded role
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CME Group Inc.'s CEO Phupinder Gill speaks at the Sandler O'Neill + Partners, L.P. Global Exchange and Brokerage Conference in New York June 7, 2013. REUTERS/Brendan McDermid
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(Reuters) - Phupinder Gill, chief executive of CME Group Inc (NASDAQ: CME) since 2012, will retire at year's end, the world's largest futures market operator said in a statement on Thursday.
Executive Chairman Terrence Duffy has taken on the additional role of CEO, and Bryan Durkin, chief commercial officer currently, was made president of the company. The two will work with Gill over the next two months on the transition.
"Going forward, our strategy remains unchanged," Duffy said in the statement.
Malaysia-born, Singapore-raised Gill, 56, is a 28-year veteran of the company that was once, as the Chicago Mercantile Exchange, the smaller of Chicago's two futures exchanges. CME is now a global giant with footprints in New York and London and offering trading in contracts tied to everything from gold to interest rates.
On Wednesday CME's exchanges chalked up record volume after Donald Trump's stunning U.S. presidential win triggered massive market swings.
Gill's departure was not expected, but in the statement he said it was "the right time to retire."
(Reporting by Arunima Banerjee in Bengaluru and Ann Saphir in San Francisco; Editing by Cynthia Osterman)
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