Cboe Global Markets Announces Departure of Global President Dave Howson
Cboe Global Markets (CBOE) announced that Global President Dave Howson will step down effective August 1, 2025, to return to the UK after three years in Chicago. The company is restructuring its leadership with expanded roles for two executives:
Cathy Clay, EVP and Global Head of Derivatives, will add oversight of Cboe Data Vantage to her current responsibilities managing equity and index options and futures. Chris Isaacson, EVP and COO, will expand his current Technology, Operations and Risk duties to include oversight of Cash Equities, Global FX and Clearing. CEO Craig Donohue will assume the additional title of President following Howson's departure.
Cboe Global Markets (CBOE) ha annunciato che il Presidente Globale Dave Howson si dimetterà con effetto dal 1° agosto 2025, per tornare nel Regno Unito dopo tre anni a Chicago. L'azienda sta ristrutturando la sua leadership con ruoli ampliati per due dirigenti:
Cathy Clay, EVP e Responsabile Globale dei Derivati, aggiungerà alla sua attuale gestione delle opzioni e dei futures su azioni e indici la supervisione di Cboe Data Vantage. Chris Isaacson, EVP e COO, amplierà le sue attuali responsabilità in Tecnologia, Operazioni e Rischio includendo la supervisione di Cash Equities, Global FX e Clearing. Il CEO Craig Donohue assumerà il titolo aggiuntivo di Presidente dopo la partenza di Howson.
Cboe Global Markets (CBOE) anunció que el Presidente Global Dave Howson renunciará con efecto a partir del 1 de agosto de 2025, para regresar al Reino Unido tras tres años en Chicago. La empresa está reestructurando su liderazgo con roles ampliados para dos ejecutivos:
Cathy Clay, EVP y Jefa Global de Derivados, añadirá la supervisión de Cboe Data Vantage a sus responsabilidades actuales en opciones y futuros sobre acciones e índices. Chris Isaacson, EVP y COO, ampliará sus funciones actuales de Tecnología, Operaciones y Riesgo para incluir la supervisión de Cash Equities, Global FX y Clearing. El CEO Craig Donohue asumirá el título adicional de Presidente tras la salida de Howson.
Cboe Global Markets (CBOE)는 글로벌 사장 데이브 하우슨이 2025년 8월 1일부로 시카고에서 3년을 보낸 후 영국으로 돌아가기 위해 사임할 것이라고 발표했습니다. 회사는 두 임원의 역할 확대를 통해 리더십을 재구성하고 있습니다:
캐시 클레이 EVP 겸 글로벌 파생상품 책임자는 주식 및 지수 옵션과 선물 관리에 더해 Cboe Data Vantage 감독을 추가합니다. 크리스 아이작슨 EVP 겸 COO는 현재 기술, 운영 및 리스크 업무에 현금 주식, 글로벌 외환 및 청산 감독을 포함하도록 역할을 확장합니다. CEO 크레이그 도노휴는 하우슨 퇴임 후 추가로 사장 직함을 맡게 됩니다.
Cboe Global Markets (CBOE) a annoncé que le président mondial Dave Howson démissionnera à compter du 1er août 2025, pour retourner au Royaume-Uni après trois ans passés à Chicago. L'entreprise restructure sa direction avec des rôles élargis pour deux cadres :
Cathy Clay, EVP et responsable mondiale des dérivés, ajoutera la supervision de Cboe Data Vantage à ses responsabilités actuelles de gestion des options et contrats à terme sur actions et indices. Chris Isaacson, EVP et COO, étendra ses fonctions actuelles en technologie, opérations et risques pour inclure la supervision des actions au comptant, du FX global et du clearing. Le PDG Craig Donohue assumera le titre supplémentaire de président après le départ de Howson.
Cboe Global Markets (CBOE) gab bekannt, dass der globale Präsident Dave Howson zum 1. August 2025 zurücktreten wird, um nach drei Jahren in Chicago in das Vereinigte Königreich zurückzukehren. Das Unternehmen strukturiert seine Führung um und erweitert die Rollen zweier Führungskräfte:
Cathy Clay, EVP und Global Head of Derivatives, wird neben der Verwaltung von Aktien- und Indexoptionen sowie Futures die Aufsicht über Cboe Data Vantage übernehmen. Chris Isaacson, EVP und COO, erweitert seine derzeitigen Verantwortlichkeiten in Technologie, Betrieb und Risiko um die Aufsicht über Cash Equities, Global FX und Clearing. CEO Craig Donohue übernimmt nach Howsons Weggang zusätzlich den Titel Präsident.
- None.
- Loss of key executive (Global President) who contributed to company's global expansion
- Potential disruption during leadership transition period
- Increased responsibilities for existing executives may create operational challenges
Insights
Howson's departure and leadership restructuring represents neutral impact as Cboe maintains strategic continuity with experienced internal leaders.
Cboe's announcement of Dave Howson's departure as Global President represents a measured leadership transition rather than a disruptive change. The company is implementing a logical redistribution of responsibilities to two seasoned executives while maintaining strategic continuity. Instead of immediately hiring an external replacement, Cboe is expanding roles for Cathy Clay and Chris Isaacson, both established leaders with proven track records within the organization.
The reorganization appears strategically calculated, with Clay taking over Cboe Data Vantage alongside her derivatives responsibilities, leveraging her entrepreneurial background in that business unit. Meanwhile, Isaacson's expanded oversight of Cash Equities, Global FX, and Clearing builds on his operational and technical expertise. This functional division creates clearer lines of business oversight than the previous structure.
Worth noting is that CEO Craig Donohue will absorb the President title, indicating no immediate plans to replace Howson's exact role. This suggests the company views the current leadership team as sufficient, with no perceived gaps requiring external talent. The three-month transition period until August 1 allows for knowledge transfer and operational continuity.
The release frames the change positively, focusing on strengthening strategic focus and empowering innovation, though the company loses Howson's expertise after his contributions to Cboe's global expansion. His departure appears personal rather than strategic, cited as returning to the UK to be closer to family after three years in Chicago, which mitigates concerns about potential internal discord or strategic disagreements.
- Dave Howson, Global President, departing company to return to
UK - Cathy Clay, EVP and Global Head of Derivatives, and Chris Isaacson, EVP and Chief Operating Officer, expand global leadership roles
Cathy Clay, EVP and Global Head of Derivatives, and Chris Isaacson, EVP and Chief Operating Officer, are expanding their global leadership roles within the company. In addition to her current role overseeing the Global Derivatives business consisting of equity and index options and futures, Clay's responsibilities will be expanded to provide oversight of the Cboe Data Vantage business. In addition to his current role overseeing Technology, Operations and Risk, Isaacson's responsibilities will be expanded to include oversight of Cash Equities, Global FX and Clearing.
These changes leverage Clay and Isaacson's strong track records of success and excellent leadership skills that have benefited Cboe for many years. Separating the leadership and oversight of these businesses strengthens the company's strategic focus, while empowering innovation, enhancing operational agility, and positioning Cboe for sustained global growth. Following Howson's departure, Cboe CEO Craig Donohue will also assume the title of President.
Clay brings a strong entrepreneurial spirit and a proven track record in business building, having played a foundational role in the early development of the Cboe Data Vantage business. Aligning Global Derivatives and Cboe Data Vantage under Clay's direction will further integrate these business lines which are a key part of Cboe's growth strategy.
Isaacson brings a strong track record of leadership, innovation and broad markets experience with particularly deep expertise in cash equities, FX and clearing. Isaacson's leadership of these business lines will deliver continued strong performance, help fuel the Data Vantage business, and expand upon Cboe's position as one of the leading global equity market operators.
"Cathy and Chris are highly respected leaders with a deep commitment to excellence in all they do. I have great confidence in their ability to continue driving innovation and growth in their respective business portfolios and I look forward to working closely with them in their new roles, along with the rest of our deeply experienced executive leadership team," said Craig Donohue, Chief Executive Officer at Cboe Global Markets. "Dave has played a pivotal role in Cboe's growth and global expansion during the last several years and his contributions will have a lasting impact on Cboe. On behalf of our entire organization, I wish him all the best in his next chapter."
Dave Howson, Global President, commented: "I am grateful to Craig, the Board of Directors, and the entire Cboe team for their trust in me to help build a strong global business and culture. While it was a difficult decision to leave this great organization, I am looking forward to returning home to the
About Cboe Global Markets
Cboe Global Markets (Cboe: CBOE), the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives and FX, across
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Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel, increasing competition by foreign and domestic entities; our dependence on and exposure to risk from third parties; factors that impact the quality and integrity of our and other applicable indices; our ability to manage our global operations, growth, and strategic acquisitions or alliances effectively; increases in the cost of the products and services we use; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit, counterparty investment, and default risks, associated with operating our clearinghouses; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing our business interests and our regulatory responsibilities; the loss of key customers or a significant reduction in trading or clearing volumes by key customers; our ability to maintain BIDS Trading as an independently managed and operated trading venue, separate from and not integrated with our registered national securities exchanges; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; the accuracy of our estimates and expectations; and litigation risks and other liabilities. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings made from time to time with the SEC.
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SOURCE Cboe Global Markets
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