Brodsky has been the face of the CBOE, and really, the face of the broader options industry in the U.S.

[ by Melanie Gretchen ]

CBOE soon will have a changing of the guard.  CEO William Brodsky, 68, will conclude his 'Sweet 16' year tenure as head of the Chicago-based options exchange, and in his place will be the current President and COO of CBOE, Edward Tilly.  Tilly has been in these positions for the past year.  Tilly previously was a market maker and CBOE member from 1989 to 2006. 

Career and Milestones for CEO Brodsky.    CBOE, the biggest operator of U.S. options markets, has come a long way since 1973, when the exchange began as the first U.S. equity derivatives market.  Under his leadership, CBOE went public in 2010; it converted from a mutual ownership structure.  Last month, the exchange posted Q3 profits in excess of analyst projections, as options trading volume surged, and trading volume increased 47% to a just under 5.5 million contracts per day on average - a record.

William Brodsky entered the securities industry as an attorney in 1968.  He joined the Amex in 1974 and was elevated to head of operations trading 2 years later.  He spent more than a decade as COO of the CME Group the world’s largest futures exchange.  He then joined the CBOE.  From 2008 to 2010, he was chairman of the World Federation of Exchanges and currently is a director of Integrys Energy Group, Inc, an S&P 500 company.

Mr. Brodsky will stay on at the CBOE as Executive Chairman. 

Edward Provost, currently CBOE's chief business development officer, will succeed Tilly as president and COO;  he's 58. 

For further details, go to [Bloomberg, 12/12/12].