Summary
CME Group Inc. (CME) announced significant changes to its Board of Directors through an 8-K filing on February 13, 2018. Key figures Leo Melamed and John F. Sandner, both long-standing members, have notified the board of their intention to retire effective May 9, 2018, following the company's annual shareholder meeting. This marks the end of an era for two individuals who have played crucial roles in the company's history and development. Following their board retirements, both Melamed and Sandner will transition into consulting roles. The company has outlined specific compensation packages for their ongoing advisory services. Mr. Melamed will receive $1.3 million annually for the first two years of his consultancy, followed by $300,000 annually thereafter. Mr. Sandner will receive $1 million annually for the first two years, after which his consulting engagement will conclude. These arrangements signal the company's intent to retain their valuable expertise even as they step down from formal board duties.
Key Highlights
- 1Leo Melamed and John F. Sandner to retire from CME Group's Board of Directors effective May 9, 2018 (post-annual meeting).
- 2Both retiring directors will transition to consulting roles with CME Group.
- 3Leo Melamed to receive $1.3 million annually for consulting services for the first two years post-retirement, then $300,000 annually thereafter.
- 4John F. Sandner to receive $1 million annually for consulting services for the first two years post-retirement, with no further consulting engagement afterward.
- 5The company issued separate press releases on February 8, 2018, to announce these retirements, which are attached as exhibits to the 8-K filing.