CME Group‘s longtime leader Terry Duffy will step down as chief executive officer next year, succeeded by President and Chief Financial Officer Lynne Fitzpatrick.

Duffy, 67, will transition to executive chairman effective March 1, 2027, the company said Wednesday. It marks a more than two-decade run that transformed the Chicago-based exchange operator into one of the world’s largest derivatives marketplaces.

“Leading CME Group through more than 25 years of transformative growth has been among the highest honors of my life,” said Duffy in a statement.

Since becoming chairman in 2002, Duffy has overseen CME’s transformation from a floor-based exchange into a global derivatives powerhouse. He led the company’s IPO, its shift to electronic trading and industry-defining acquisitions, including the 2007 merger with the Chicago Board of Trade and the 2008 purchase of the New York Mercantile Exchange.

Duffy also guided CME through the financial crisis, the collapse of broker-dealer MF Global and sweeping changes in market structure. More recently, the company expanded through its acquisition of NEX Group, a partnership with Google Cloud and a venture with FanDuel aimed at reaching a broader retail audience.

Fitzpatrick, a 20-year veteran of CME, has served as president and chief financial officer since 2022 and has played a key role in the company’s strategy, capital allocation and investor relations efforts.

“I appreciate the confidence that he and the Board have placed in me, and I look forward to working with our investors, clients and employees around the world as we grow our core business and create value for our shareholders,” Fitzpatrick said in a statement.

Correction: CME Group made the announcement Wednesday. An earlier version misstated the day of the week.