Summary
This Form 8-K filing by Cboe Global Markets, Inc. (CBOE) on May 27, 2010, reports the resignation of three directors: Kevin L. Murphy, John E. Smollen, and Jonathan B. Werts. These resignations from the Company's board were effective May 26, 2010, and are attributed to employer policies restricting service on public company boards. While all three resigned from the parent company, CBOE Holdings, Inc., Messrs. Murphy and Smollen will continue to serve as directors for the operating subsidiaries, Chicago Board Options Exchange, Incorporated (CBOE) and C2 Options Exchange, Incorporated (C2). Mr. Werts also resigned from these operating subsidiaries. For investors, these changes in the board composition, while noted, do not appear to signal any immediate operational or financial shifts as Messrs. Murphy and Smollen maintain their roles on key subsidiary boards. The reasons cited are external to CBOE and do not suggest any performance-related issues or strategic disagreements. The filing also explicitly states no financial statements or exhibits are included.
Key Highlights
- 1Three directors resigned from the Cboe Global Markets, Inc. (CBOE) board on May 26, 2010.
- 2The directors resigning from the parent company were Kevin L. Murphy, John E. Smollen, and Jonathan B. Werts.
- 3The stated reason for the resignations is employer policies restricting service on public company boards.
- 4Kevin L. Murphy and John E. Smollen will continue to serve as directors of CBOE and C2 Options Exchange.
- 5Jonathan B. Werts also resigned as a director from CBOE and C2 Options Exchange.
- 6The filing does not include any financial statements, pro forma information, or exhibits.
- 7The resignations were effective as of May 26, 2010.