The owner of the Chicago Board Options Exchange, CBOE Holdings Inc., said Tuesday that Edward Joyce is stepping down as president and chief operating officer.
Joyce is leaving for medical reasons, the company said. He has served the No. 2 position to Chairman William Brodsky since June 2000.
CBOE named Edward Tilly to succeed Joyce. Tilly is executive vice chairman at the company, whose operations include the C2 Options Exchange and related stock and futures markets.
Tilly was a CBOE member and trader from 1989 to 2006.
Brodsky said Joyce was a “guiding force” in the growth of the CBOE during 38 years at the exchange. He said Joyce “brought wit, grace and unfailing kindness to his daily interactions with colleagues, staff and competitors alike.”
CBOE completed its initial public offering of stock a year ago. According to its proxy filing last May, Joyce’s contract calls for an annual salary of $750,000, with a severance payment double that if he is terminated for disability. He also would be entitled to double his annual target cash incentive.