Cboe CEO Tilly exits after failing to disclose personal relationships with colleagues

Cboe Global Markets Inc.
CBOE,
+4.35%
on Tuesday named Fredric J. Tomczyk, former chief executive of TD Ameritrade, as its new chief executive, replacing Edward T. Tilly who is resigning. Tilly’s exit comes after an investigation by the board and outside independent counsel that found that he failed to disclose personal relationships with colleagues, violating the company’s policies. “The conduct was not related to and does not impact the company’s strategy, financial performance, technology and market operations, reporting, or internal controls,” the derivatives and securities exchange said in a statement. Tomczyk served as CEO of TD Ameritrade from October 2008 to October 2016. Before that, he as vice chairman of TD Bank. The stock has gained 21% in the year to date, while the S&P 500
SPX,
-0.35%
has gained 16%.