CME's Donohue to step down; Gill named new CEO

Chairman Terrence Duffy, who has been the face of the company as it navigates the fallout from the failure last October of giant broker MF Global, will take on the additional role of president, the company said.

Gill, 51, has been with CME since 1988 and ran CME's clearinghouse before joining the office of the CEO eight years ago.

Donohue, who began his 23-year career at the CME as a lawyer, oversaw the transformation of CME from a futures exchange known largely for its short-term interest-rate futures to a global powerhouse with a clearinghouse in London and a growing clearing operation for the vast over-the-counter derivatives industry.

Under Donohue's leadership, the owner of the Chicago Mercantile Exchange bought its two largest rivals, the Chicago Board of Trade and the New York Mercantile Exchange, greatly expanding its reach into lucrative assets like oil and Treasury futures trading. Donohue, 50, also spearheaded CME's entry into the index business with its purchase of the Dow Jones Indexes and its joint venture with S&P index owner McGraw Hill & Co.

CME has been under fire in recent months for its handling of the collapse of MF Global, whose $1.6 billion in customer funds are still missing. CME was the MF Global's first-line regulator.

Duffy, 53, has been CME's face on Capitol Hill and in front of regulators.

Donohue, who has worked at CME for 23 years, called his decision "bittersweet," and added that he is "ready to explore new challenges." Donohue last renewed his contract in 2009.

CME shares closed down 2.3 percent at $270.20 on the Nasdaq.

(Reporting by Ann Saphir; Editing by Carol Bishopric, Gary Hill)