CME Group’s Terry Duffy to step down in 2027, CFO Lynne Fitzpatrick to become CEO

CME GroupLongtime leader Terry Duffy will step down as chief executive officer next year and be replaced by President and Chief Financial Officer Lynne Fitzpatrick.

Duffy, 67, will become chairman of the board effective March 1, 2027, the company said Tuesday. This marks a more than two-decade process that has transformed the Chicago-based exchange operator into one of the largest derivatives markets in the world.

“Leading CME Group through more than 25 years of transformative growth has been among the greatest honors of my life,” Duffy said in a statement.

Since becoming chairman in 2002, Duffy has overseen CME’s transformation from a grassroots exchange to a global derivatives powerhouse. He led the company’s initial public offering, its transition to electronic trading, and industry-defining acquisitions, including the merger with the Chicago Mercantile Exchange in 2007 and the acquisition of the New York Mercantile Exchange in 2008.

Duffy also guided CME through the financial crisis, the collapse of broker-dealer MF Global and sweeping changes in market structure. More recently, the company has expanded with the acquisition of NEX Group, a partnership with Google Cloud, and an initiative aimed at reaching a broader retail audience with FanDuel.

Fitzpatrick, a 20-year veteran of CME, has served as president and chief financial officer since 2022 and has played a key role in the company’s strategy, capital allocation and investor relations efforts.

“I appreciate the trust he and the Board have placed in me, and I look forward to working with our investors, customers and employees around the world as we grow our core business and create value for our shareholders,” Fitzpatrick said in a statement.

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