Alexander J. Matturri, Jr.
Director at CBOE
Board
About Alexander J. Matturri, Jr.
Independent director of Cboe Global Markets; Age 66; director since December 2020. Former CEO of S&P Dow Jones Indices (2012–2020); prior senior roles at S&P Indices (2007–2012), Northern Trust (2003–2007), and Deutsche Asset Management (2000–2003). Education: B.S. Finance (Lehigh), J.D. (Syracuse); Chartered Financial Analyst (CFA). Current committee assignments: Chair, ATS Oversight; member, Audit; member, Executive Committee. The Board classifies him as independent under BZX listing standards.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| S&P Dow Jones Indices LLC | Chief Executive Officer | Jul 2012 – Jun 2020 | Led global index franchise; direct experience with licensing central to Cboe’s products |
| S&P Indices | Executive Managing Director & Head | 2007 – 2012 | Oversaw index business; deep market/product knowledge |
| Northern Trust Global Investments | SVP & Director, Global Equity Index Management | 2003 – 2007 | Managed index portfolios; global equity index expertise |
| Deutsche Asset Management | Director & Senior Index Investment Strategist | 2000 – 2003 | Index investing strategy leadership |
| Cboe U.S. Securities Exchanges (boards) | Director (prior service) | Not disclosed | Prior governance exposure to Cboe exchanges |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| None disclosed | — | — | No current public company directorships disclosed in 2025 proxy biography |
Board Governance
- Independence: Independent under BZX standards; Board comprised of at least two-thirds independent directors.
- Committee memberships and chair roles:
- ATS Oversight Committee Chair (effective Feb 8, 2024).
- Audit Committee member.
- Executive Committee member (joined Oct 25, 2024).
- Committee scopes:
- ATS Oversight: Oversees BIDS Trading U.S. equities businesses, and separation protocols from Cboe’s registered exchanges.
- Audit: Internal controls, financial reporting, taxes, and related party transactions.
- Executive: Acts when convening full Board is impracticable (charter limits apply).
- Attendance and engagement:
- Board met 9 times in 2024; each director attended at least 75% of Board and committee meetings.
- Independent directors held 6 executive sessions in 2024.
- All current directors attended the 2024 Annual Meeting.
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| 2024 Fees Earned or Paid in Cash | $131,889 | Includes director cash retainer and applicable committee retainers/meeting fees |
| 2024 Stock Awards (RSUs grant-date FV) | $170,159 | Annual RSU grant; vests at earlier of one year or completion of final year of service |
| 2024 All Other Compensation | $2,500 | Matching gifts program |
| 2024 Total | $304,548 | Sum of components above |
Program structure (May 2024–May 2025):
- Cash retainer: $90,000; stock retainer: $170,000 (value at grant).
- Committee chair retainers: ATS Oversight $20,000; Audit $25,000; Compensation $15,000; Finance & Strategy $15,000; Nominating & Governance $15,000; Risk $20,000.
- Committee member retainers: ATS Oversight $7,500; Audit $16,500; Compensation $12,000; Finance & Strategy $12,000; Nominating & Governance $12,000; Risk $12,000 (raised from $7,500 in 2024).
- Meeting fees: $1,500 per meeting above baseline (+2) per committee (ATS 7; Audit 13; Compensation 10; Finance & Strategy 10; Nominating & Governance 10; Risk 7).
Performance Compensation
- Non‑employee director equity is time-based RSUs; no performance-conditioned director awards disclosed.
Other Directorships & Interlocks
- Prior affiliation: Retired CEO of S&P Dow Jones Indices; Cboe holds exclusive licenses with S&P to list U.S. options on S&P 500/100/Select Sector indices through 2032/2033, which the company believes are on arm’s‑length terms.
- Compensation Committee interlocks: None (he is not on the Compensation Committee, and no interlocks among members).
Expertise & Qualifications
- Financial markets and products: Deep expertise in indices, equity derivatives, and licensing underpinning Cboe’s core products; “close understanding of one of our most important licensing arrangements.”
- Risk management and governance: Audit committee service and prior exchange board experience.
- Education and credentials: B.S. Finance (Lehigh), J.D. (Syracuse), CFA charterholder.
Equity Ownership
| Metric | Value | Notes |
|---|---|---|
| Beneficial ownership (common shares) | 5,532 | <1% of shares outstanding as of Mar 18, 2025 |
| Unvested RSUs held (12/31/2024) | 937 | Standard annual director grant; vesting within one year |
| Ownership guideline | 5x cash retainer | Required within 5 years of joining Board; incumbent directors (excluding new 2024 additions) met requirement as of 12/31/2024 |
| Hedging/Pledging status | Prohibited; none in 2024 | Insider Trading Policy prohibits hedging and pledging; none reported for directors in 2024 |
Governance Assessment
- Strengths:
- Relevant domain expertise (index licensing and product strategy) directly tied to Cboe’s flagship SPX/VIX franchises; enhances board oversight of product and partner agreements.
- Independent status, strong committee roles (ATS Oversight Chair; Audit member) align with investor expectations for market structure and compliance oversight.
- Engagement: met ≥75% attendance threshold; participates in a Board conducting frequent independent sessions; attended Annual Meeting.
- Ownership alignment: meets director ownership guidelines; anti‑hedging/pledging policy applied and observed.
- Potential conflicts and mitigants:
- Prior S&P affiliation alongside Cboe’s S&P index license could present perceived conflicts, but arrangements are disclosed as at least as favorable as market terms and Audit Committee oversees related‑party review.
- Compensation alignment:
- Director pay mix balances cash and equity (time‑based RSUs) consistent with peer norms; no performance awards or excessive perquisites disclosed; meeting fees only above baseline, limiting pay inflation.
- Overall signal:
- His background strengthens board effectiveness on index/derivatives strategy and partner governance; committee leadership on ATS Oversight is positive for separation/control rigor (BIDS Trading). No material red flags on attendance, ownership alignment, hedging/pledging, or compensation practices.
Executive sessions (6 in 2024), majority‑independent board, and robust committee charters (Risk, Audit, Compensation, Nominating) provide structural oversight; his roles fit those frameworks.