CME Group names Jack Tobin as CFO

CME Group said on Wednesday that it has selected longtime insider Jack Tobin to become its new chief financial officer. He will succeed Lynne Fitzpatrick, who is slated to take over as the derivatives exchange operator's first female CEO.

Tobin, who has occupied the role of chief accounting officer at CME since 2015, is set to take on the deputy CFO position in November. He will then move into the finance chief's post in March 2027, at which point Fitzpatrick transitions to her new leadership role.

In June, CME had already revealed that veteran leader Terry Duffy intends to step aside, clearing the path for Fitzpatrick's promotion.

These executive changes unfold as traditional derivatives exchanges look to expand beyond their primary operations, contending with intensifying competition from perpetual futures, or so-called "perps," as well as rapidly growing prediction markets.

Tobin first joined CME in 2002 and brings more than 35 years of financial expertise to his new position. Earlier in his career, he served as director of finance at the Chicago Board of Trade and was a principal consultant at PricewaterhouseCoopers.

CME completed its merger with CBOT in 2007. Through the last closing, CME's shares had risen more than 1% so far this year.

Matthew Render, who joined CME as deputy chief accounting officer in August, will step in to fill the role being vacated by Tobin.