Craig Donohue, who has been CME Group‘s CEO since 2004, will step down when his contract expires in December, the Chicago-based derivatives marketplace announced Monday. The board has appointed current Executive Chairman Terrence Duffy to the expanded role of executive chairman and president, and current President Phupinder Gill to take over as CEO when Donohue’s contract expires. Additionally, the board extended Duffy’s and Gill’s contract agreements. “Donohue, Duffy and Gill, who have worked together in the office of the CEO for the last eight years, will work together over the next several months to effectuate an orderly leadership transition,” the board said. Duffy will continue to take a hands-on approach in government relations, corporate marketing and communications. Gill, who will report to Duffy, will be responsible for all other aspects of running the company. The current management team will remain in place, the board said.

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