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Cboe Global Markets Executive Compensation (FY25)

CBOE · Executive and director compensation, fiscal 2022 to 2025

The paid brief on Cboe Global Markets

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
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Data as of September 12, 2026Latest filing (8-K): May 18, 2026
16 filings cited on this page
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Published by Velarion Company Intelligence
Cboe Global Markets brief$1,500Get the executive brief
357 figures on this page: 346 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
Chief executive, fiscal 2025
◇
Craig Donohue
Median of the other named officers
$4,465,234
7 officers, excluding the chief executive
Latest say-on-pay support
=
May 14, 2026
Chief executive pay ratio
◇
To the median employee

More on Cboe Global Markets

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive of record: Fredric J. Tomczyk → Craig Donohue
Say-on-pay support: 94.1% → 92.4% (1.7 points lower)
CEO pay ratio: 18:1 → 102:1

Frequently asked questions

Answers drawn from the data on this page.
Who is Cboe Global Markets' chief executive and what were they paid?
Craig Donohue, Chief Executive Officer and President, received $18,347,037 in total compensation for fiscal 2025.
What was Cboe Global Markets' say-on-pay result?
Shareholders supported the say-on-pay proposal with 92.4% of votes cast for or against in favor at the meeting held May 14, 2026 for fiscal 2025.
Which companies are in Cboe Global Markets' peer group?
The disclosed peer group names Akamai Technologies, Inc., Broadridge Financial Solutions, Inc., CME Group Inc., Deutsche Borse AG and Equifax Inc., among others.
What is Cboe Global Markets' chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 102:1.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Christopher A. Isaacson
Executive Vice President and Chief Operating Officer
◇—◇—◇—◇◇
David Howson
Executive Vice President and President, Global Markets
◇—◇—◇—◇◇
Patrick Sexton
Executive Vice President, General Counsel and Secretary
◇—◇◇——◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Fredric J. Tomczyk
President and Chief Executive Officer
◇—◇—◇—◇◇
David Howson
Former Executive Vice President, Global President
◇—◇—◇—◇◇
Christopher Isaacson
Executive Vice President, Chief Operating Officer
◇—◇—◇—◇◇
Christopher A. Isaacson
Executive Vice President and Chief Operating Officer
◇—◇—◇—◇◇
Jill M. Griebenow
Executive Vice President, Chief Financial Officer and Chief Accounting Officer
◇—◇—◇—◇◇
Catherine Clay
Former Executive Vice President, Head of Global Derivatives
◇—◇—◇—◇◇
Patrick Sexton
Executive Vice President, General Counsel and Corporate Secretary
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Howson
Former Executive Vice President, Global President
◇—◇—◇—◇◇
Christopher A. Isaacson
Executive Vice President and Chief Operating Officer
◇—◇—◇—◇◇
Jill M. Griebenow
Executive Vice President, Chief Financial Officer and Chief Accounting Officer
◇—◇—◇—◇◇
Fredric J. Tomczyk
President and Chief Executive Officer
◇———◇—◇◇
Patrick Sexton
Executive Vice President, General Counsel and Corporate Secretary
◇—◇—◇—◇◇
Catherine Clay
Former Executive Vice President, Head of Global Derivatives
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Craig Donohue
Chief Executive Officer and President
◇—◇—◇—◇◇
Fredric Tomczyk
Former Chief Executive Officer
Departed during or after this year
◇—◇—◇—◇◇
David Howson
Former Executive Vice President, Global President
Departed during or after this year
◇—◇———◇◇
Christopher Isaacson
Executive Vice President, Chief Operating Officer
◇—◇—◇—◇◇
Jill Griebenow
Executive Vice President, Chief Financial Officer
◇—◇—◇—◇◇
Catherine Clay
Former Executive Vice President, Head of Global Derivatives
Departed during or after this year
◇—◇———◇◇
Patrick Sexton
Executive Vice President, General Counsel and Corporate Secretary
◇—◇—◇—◇◇
Timothy Lipscomb
Executive Vice President, Chief Technology Officer
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Christopher IsaacsonPRSU——————◇
Craig S. DonohueRSU◇——◇——◇
Craig S. DonohueRSU◇——◇——◇
Craig S. DonohueRSU◇——◇——◇
Craig S. DonohueRSU◇——◇——◇
Craig S. DonohueRSU◇——◇——◇
Craig S. DonohueRSU◇——◇——◇
Fredric J. TomczykRSU◇——◇——◇
Jill M. GriebenowRSU◇——◇——◇
Jill M. GriebenowRSU◇——◇——◇
Jill M. GriebenowRSU◇——◇——◇
Patrick SextonPRSU——————◇
Timothy LipscombRSU◇——◇——◇
Timothy LipscombRSU◇——◇——◇
Timothy LipscombRSU◇——◇——◇
Timothy LipscombRSU◇——◇——◇
Timothy LipscombRSU◇——◇——◇
Timothy LipscombRSU◇——◇——◇
Fiscal 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Catherine ClayRSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
Patrick SextonRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Timothy LipscombRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Jill GriebenowRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
David HowsonPSU◇◇——
Craig DonohuePSU◇◇——
RSU◇◇——
RSU◇◇——
Fredric TomczykRSU◇◇——
RSU◇◇——
Christopher IsaacsonRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Catherine Clay
Former Executive Vice President, Head of Global Derivatives · Terms as described in the company’s compensation discussion · citing a 2026 filing
Equity acceleration on change in control◇
David Howson
Former Executive Vice President, Global President · Severance agreement · citing a 2025 filing
Non-compete period◇
Non-solicit period◇
Patrick Sexton
Executive Vice President, General Counsel and Corporate Secretary · Terms as described in the company’s compensation discussion · citing a 2026 filing
Equity acceleration on change in control◇
Timothy Lipscomb
Executive Vice President, Chief Technology Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
Equity acceleration on change in control◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
William M. Farrow, III
Board chair
◇◇———◇◇
William M. Farrow III
Board chair
◇◇———◇◇
James E. Parisi
◇◇———◇◇
Alexander J. Matturri Jr
◇◇————◇
Alexander J. Matturri, Jr
◇◇————◇
Roderick A. Palmore
◇◇———◇◇
Janet P. Froetscher
◇◇———◇◇
Erin A. Mansfield
◇◇———◇◇
Edward J. Fitzpatrick
◇◇———◇◇
Ivan K. Fong
◇◇———◇◇
Jill R. Goodman
◇◇————◇
Cecilia H. Mao
◇◇———◇◇
Jennifer J. McPeek
◇◇————◇
Fredric J. Tomczyk and Craig S. Donohue served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Audit committee member◇
Compensation committee member◇
Nominating and governance member◇
Board meeting fee◇

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Akamai Technologies, Inc. AKAM
  • Broadridge Financial Solutions, Inc. BR
  • CME Group Inc. CME
  • Deutsche Borse AG DB1
  • Equifax Inc. EFX
  • Euronet Worldwide, Inc. EEFT
  • FactSet Research Systems Inc. FDS
  • Fortinet, Inc. FTNT
  • Intercontinental Exchange, Inc. ICE
  • Jack Henry & Associates, Inc. JKHY
  • London Stock Exchange Group plc LSEGY
  • LPL Financial Holdings Inc. LPLA
  • MarketAxess Holdings Inc. MKTX
  • MSCI Inc. MSCI
  • Nasdaq, Inc. NDAQ
  • SEI Investments Company SEIC
  • Stifel Financial Corp. SF
  • TransUnion TRU
  • Verisk Analytics, Inc. VRSK
  • Virtu Financial, Inc. VIRT

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 14, 2026=◇◇◇
2024May 6, 2025=◇◇◇
2023May 16, 2024=◇◇◇
2022May 11, 2023=◇◇◇
2021May 12, 2022=◇◇◇
2020May 13, 2021=◇◇◇
2019May 12, 2020=◇◇◇
2018May 16, 2019=◇◇◇
2017May 17, 2018=◇◇◇
2016May 18, 2017=◇◇◇
2015May 19, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
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What this page does not include

Everything above is a fact Cboe Global Markets disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Cboe Global Markets sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
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Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
357 figures on this page: 346 cited to the filing that reported them, 11 calculated from figures it prints.
346 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001104659-26-063250
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001628280-26-022939
    2025 Director Compensation · 2025 Outstanding Equity Awards at Fiscal Year-End Table · 2025 Summary Compensation Table · Compensation Discussion and Analysis · and 4 more sections
  3. 0001104659-25-045577
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001628280-25-016381
    2024 Summary Compensation Table
  5. 0001558370-24-008477
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001558370-24-004692
    2023 Summary Compensation Table · Summary Compensation Table
  7. 0001558370-23-010042
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001558370-23-005195
    Summary Compensation Table
  9. 0001558370-22-009123
    Say-on-Pay Proposal
  10. 0001558370-21-007499
    Say-on-Pay Proposal
  11. 0001558370-20-006612
    Say-on-Pay Proposal
  12. 0001558370-19-005183
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0001558370-18-004867
    Item 5.07 Submission of Matters to a Vote of Security Holders
  14. 0001374310-17-000018
  15. 0001374310-16-000047
  16. 0001104659-25-053355
    EX-10.1
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Velarion, “Cboe Global Markets executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/CBOE (accessed 2026).
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The paid brief for Cboe Global Markets

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $1,200 for the board report; $2,400 for both.
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16 filings cited on this page
Method: intel.velarion.ai/methodology
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Peers Cboe Global Markets discloses

The companies named in CBOE's own disclosed peer group.

Akamai Technologies, Inc.Broadridge Financial Solutions, Inc.CME Group Inc.Equifax Inc.Euronet Worldwide, Inc.FactSet Research Systems Inc.Fortinet, Inc.Intercontinental Exchange, Inc.Jack Henry & Associates, Inc.LPL Financial Holdings Inc.MarketAxess Holdings Inc.MSCI Inc.Nasdaq, Inc.SEI Investments CompanyStifel Financial Corp.TransUnionVerisk Analytics, Inc.Virtu Financial, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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