01—Abstract
Summary
Summary of the 8-K filed January 26, 2026. Cited figures are marked; the original filing is the authoritative source.
Cboe Global Markets, Inc. (CBOE) has announced the retirement of its Chief Operating Officer, Christopher Isaacson, effective March 6, 2026.
Mr. Isaacson will transition to a consulting role until the end of 2026, receiving a consulting fee of $541,666a. He will also retain a pro-rata portion of certain outstanding equity awards, subject to performance and service through the consulting period. This orderly transition ensures continuity in operations.
In parallel, Cboe has appointed Scott Johnston as the incoming Executive Vice President and Chief Operating Officer, effective March 7, 2026. Mr. Johnston brings extensive experience from various trading and financial firms, most recently as COO of Akuna Capital.
His compensation package includes a base salary of $550,000,b incentive bonus potential, long-term equity awards totaling $2,735,000 (annual LTI) and a $1,000,000 sign-on grant, alongside a $627,200 cash sign-on bonus. This leadership change signals a strategic move to leverage new expertise within the company.
02—Key points
Key Highlights
- COO Christopher Isaacson to retire on March 6, 2026, after a distinguished tenure.
- Mr. Isaacson to provide consulting services through December 31, 2026, with a $541,666 fee.
- Equity awards for Mr. Isaacson will be prorated based on service period.
- Scott Johnston appointed as the new COO, effective March 7, 2026.
- Mr. Johnston has a strong background in operations within the trading and options market-making industry.
- Mr. Johnston's compensation package includes significant base salary, bonus potential, and substantial long-term equity awards ($2.735M LTI target and $1M sign-on grant).
- A cash sign-on bonus of $627,200 is part of Mr. Johnston's compensation.
03—Questions
Frequently Asked Questions
What is the financial impact of Mr. Isaacson's retirement and consulting arrangement?
The financial impact involves a consulting fee of $541,666 to Mr. Isaacson for services rendered until the end of 2026. Additionally, Cboe will incur costs related to prorating Mr. Isaacson's equity awards. The company will also bear the compensation costs for the new COO, Scott Johnston.
What is Mr. Johnston's experience, and how does it benefit Cboe?
Scott Johnston has a deep operational background, having served as COO at Akuna Capital, and held senior operational roles at Hudson River Trading, Citadel Investment Group, and Tower Research Capital. His extensive experience in options market making and trading technology is expected to be highly beneficial for Cboe's strategic operations and growth.
How does Mr. Johnston's compensation compare to other executives?
The filing states that Mr. Johnston's compensation package, including his base salary, incentive programs, and long-term incentive plan awards, is consistent with similarly situated executives at Cboe. The significant equity awards ($2.735M target LTI and $1M sign-on grant) reflect the competitive market for executive talent in the financial industry.
Are there any concerns regarding Mr. Isaacson's departure?
The filing explicitly states that Mr. Isaacson's retirement was not due to any disagreement with the Company concerning its operations, policies, or practices. This indicates an amicable and planned transition.
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