CME Chief Duffy to Step Down With Fitzpatrick Set to Take Over

CME Group Inc. Chief Executive Officer Terry Duffy is handing over the reins after more than 25 years at the world’s largest derivatives exchange, where he helped oversee two major mergers and the transition from floor-based trading to an electronic-trading powerhouse.

Duffy will step down as CEO on March 1 and transition to executive chairman, the firm said in a statement Wednesday. Chief Financial Officer Lynne Fitzpatrick will take over as CEO.

A native of Chicago’s South Side, Duffy broke out of a neighborhood where he’s said everyone was either a fireman or a cop, wanting to do something different. ...