Fredric Tomczyk

Fredric Tomczyk
Born	Fredric Tomczyk
Nationality	American
Occupation	Business executive
Title	Member, Board of Directors, Cboe Global Markets
Employer	Cboe Global Markets
Known for	CEO of Cboe Global Markets (2023–2025)

Fredric J. Tomczyk is an American business executive who served as the chief executive officer of Cboe Global Markets, one of the world's largest exchange holding companies, from September 2023 to May 2025. He assumed the role after transitioning from the company's board of directors following the resignation of longtime CEO Edward Tilly. During his tenure, Tomczyk charted a strategic course that prioritized organic growth and the integration of Cboe's existing global operations over the aggressive acquisition strategy that had characterized the company under his predecessor. His leadership coincided with a period of strong financial performance for the exchange, driven in part by robust options trading and hedging activity. In May 2025, the Cboe board appointed Craig S. Donohue as his successor, with Tomczyk remaining on the board of directors.

Career

Appointment as Cboe CEO

Fredric Tomczyk became CEO of Cboe Global Markets in September 2023. His appointment came under unusual circumstances: he moved directly from his position on the Cboe board of directors to the chief executive role following the departure of Edward Tilly, who had served as the company's longtime CEO. Tilly resigned from the position, and the board turned to Tomczyk, an existing director with extensive experience in the financial services industry, to lead the organization during a period of transition.

The appointment was notable within the exchange industry, as Cboe Global Markets operates one of the largest options exchanges in the world, along with equities, futures, and foreign exchange trading platforms across multiple continents. Tomczyk took the helm of an organization that had undergone significant expansion through mergers and acquisitions during the Tilly era, and the new CEO faced the task of setting the company's strategic direction during a critical juncture in its development.

Strategic Direction and Organic Growth Focus

One of the defining characteristics of Tomczyk's tenure as CEO was a deliberate shift away from the acquisitive growth strategy that had marked the preceding years at Cboe. In a September 2024 interview with Crain's Chicago Business, Tomczyk discussed what he described as "integration fatigue" within the organization, signaling that the company needed time to absorb and fully leverage the assets it had already acquired before pursuing additional deals.

This approach represented a marked departure from the strategy of his predecessor. Under Tilly, Cboe had pursued a series of acquisitions to expand its global footprint and diversify its product offerings. By contrast, Tomczyk indicated that capital would be allocated toward integrating global trading capabilities into the United States market and maximizing the value of the company's existing operations rather than seeking external growth through further purchases.

In August 2024, Tomczyk articulated this vision more explicitly, stating that the group would be less focused on acquisitions and would instead direct capital toward importing global trading capabilities into the U.S. market. This strategy emphasized leveraging Cboe's international assets — including its European equities and derivatives operations, as well as its presence in the Asia-Pacific region — to create new products and services for American market participants. The approach reflected a belief that the company's prior acquisitions had created a global infrastructure that had not yet been fully utilized and that significant growth opportunities existed within the company's existing framework.

Financial Performance

During Tomczyk's tenure, Cboe Global Markets experienced strong financial results. In November 2024, the company reported third-quarter earnings that exceeded analyst expectations, driven largely by robust options trading activity. The strong performance was attributed to heightened hedging activity among investors, who were actively using options to manage risk in an uncertain market environment.

The better-than-expected profit figures underscored the continued strength of Cboe's core options business, which has historically been the company's most significant revenue driver. The results suggested that Tomczyk's focus on organic growth and operational efficiency was delivering tangible financial benefits, even as the company refrained from pursuing large-scale acquisitions.

CEO Succession and Departure

In February 2025, Cboe Global Markets announced that it had begun a formal search for a new chief executive officer, indicating that Tomczyk's tenure in the role would be transitional in nature. The announcement signaled that the board viewed Tomczyk's leadership as an interim arrangement while the company sought a permanent successor to lead its next phase of growth.

On May 1, 2025, the Cboe board of directors announced the appointment of Craig S. Donohue as the company's new CEO, effective May 7, 2025. Donohue, a veteran of the global financial markets industry, was selected for the role based on his extensive experience, which included leading CME Group, where he had successfully completed more than $20 billion in mergers and acquisitions.

The selection of Donohue was interpreted by industry observers as a potential signal that Cboe might return to a more acquisitive strategy under its new leadership. Markets Media reported that Donohue's track record of large-scale dealmaking at CME suggested the company could resume mergers and acquisitions activity, a departure from the organic growth approach favored by Tomczyk.

Following the transition, Tomczyk remained on the Cboe board of directors, maintaining a governance role at the company. His continued board membership ensured a degree of continuity and institutional knowledge as the organization embarked on its next chapter under Donohue's leadership.

Assessment of Tenure

Tomczyk's approximately 20-month tenure as CEO of Cboe Global Markets was characterized by a period of strategic consolidation. Taking over the company at a moment of leadership upheaval, he provided stability and redirected the organization's focus toward integrating its global operations and maximizing the value of its existing asset base. The company's strong financial performance during his time in the role, including the better-than-expected third-quarter 2024 results, demonstrated that the business continued to thrive under his leadership.

His approach to reducing "integration fatigue" and emphasizing organic growth stood in contrast to both his predecessor's acquisition-heavy strategy and the direction that the company appeared poised to take under Donohue. The shift in strategic orientation from Tilly to Tomczyk and then potentially back toward dealmaking under Donohue reflected the broader tensions within the global exchange industry between growth through acquisition and growth through organic development and innovation.

The announcement that Cboe was searching for a new CEO came less than 18 months after Tomczyk assumed the position, and the relatively short duration of his tenure suggested that the board had always considered his appointment as a stabilizing measure during a transitional period rather than a long-term leadership solution.

Global Trading reported on the leadership change, noting the transition from Tomczyk to Donohue and emphasizing the significance of the appointment for the exchange operator's future strategic direction.

Recognition

Under Tomczyk's leadership, Cboe Global Markets continued to be recognized as one of the world's leading exchange operators. The company's strong third-quarter 2024 earnings report, which beat analyst estimates, was widely covered by financial media including Reuters and other major outlets, highlighting the effectiveness of the company's operations during his tenure.

Tomczyk's strategic commentary on the exchange industry, including his discussions of "integration fatigue" and the importance of organic growth, received significant coverage in industry publications such as Crain's Chicago Business, Traders Magazine, and Markets Media. His articulation of a strategy focused on importing global trading capabilities into the U.S. market was noted as a significant directional shift for one of the world's most prominent exchange operators.