Dennis A. Suskind
Lead Independent Director at CME
Board
About Dennis A. Suskind
Dennis A. Suskind (age 82) is CME Group’s Independent Lead Director (since May 2023) and has served on the board since CME’s 2008 acquisition of NYMEX. A retired General Partner of Goldman Sachs (joined J. Aron in 1961; J. Aron acquired by Goldman in 1980), he is recognized for leadership in international metals derivatives and has chaired CME’s Risk Committee since its inception in 2014 . He is classified as an independent director and as a CFTC “public director,” underscoring lack of exchange-related conflicts .
Past Roles
| Organization | Role | Tenure/Notes | Committees/Impact |
|---|---|---|---|
| CME Group | Independent Lead Director | Since May 2023 | Presides over executive sessions; agenda/board information input; special meeting authority; member of NGC by policy |
| CME Group | Director | Since 2008 (via NYMEX acquisition) | Long-tenured governance perspective |
| CME Group | Risk Committee Chair | Since 2014 (inception) | Primary oversight of ERM, cyber/information security, operational resiliency |
| Goldman Sachs & Co. | General Partner (retired) | Joined via J. Aron (J. Aron joined 1961; acquired 1980) | Built largest precious-metals arbitrage business; CFTC hedging exemptions work |
| NYMEX | Vice Chairman; Director (NYMEX Holdings) | Director until CME acquisition in 2008 | Industry and market structure leadership |
| COMEX | Vice Chairman | Not disclosed | Derivatives market leadership |
| Industry bodies | Board member: FIA; IPMI; Gold/Silver Institutes | Not disclosed | Governance/standards; FIA Hall of Fame (2005) |
External Roles
| Organization | Role | Tenure/Notes |
|---|---|---|
| Dime Community Bancshares, Inc. (formerly Bridge Bancorp, Inc.) | Director; previously Vice Chairman of Bridge Bancorp | Current public directorship; role noted in CME bio |
| Liquid Holdings Group, Inc. | Director | 2012–2016 |
| Navistar International Corporation | Director (previous) | Prior public directorship |
| Stem Holdings Inc. | Director (previous) | Prior public directorship |
Board Governance
| Item | Detail |
|---|---|
| Independence | Board determined all directors independent except the CEO (Duffy); Suskind is independent |
| CFTC Public Director | Yes; one of 11 “public directors,” supporting conflict management for SRO obligations |
| Lead Independent Director | Since May 2023; responsibilities include presiding over independent sessions, engaging on CEO evaluation, agenda input, and may call special board meetings |
| Committees | Audit; Executive; Market Regulation Oversight; Nominating & Governance; Risk (Chair) |
| Attendance | In 2024 the board held 7 meetings; each director attended >75% of combined board/committee meetings; 8 board committees held 52 meetings with average 99% attendance |
| Executive Sessions | Independent directors meet quarterly in executive session, chaired by the Lead Director |
| Shareholder Engagement | Governance-focused outreach to top holders; 17 meetings in 2024 (~35% of shares); LID and key committee chairs participated in 6 sessions; Say-on-pay support in 2024: 87% |
Fixed Compensation
CME’s non-executive director pay framework (2024):
- Annual cash stipend: $95,000; committee membership retainer: $12,000; committee chair retainer: $25,000; annual equity stipend: $145,000; Lead Director stipend: $50,000; functional committee meeting fees: $1,000–$1,250 .
- Directors may elect to take some/all cash in stock; equity grants are fully vested at grant (no vesting restrictions) .
| 2024 Director Compensation (Suskind) | Amount |
|---|---|
| Fees earned/paid in cash | $205,000 |
| Stock awards (grant-date fair value; June 25, 2024) | $145,187 (priced at $194.10; fully vested) |
| Total | $350,187 |
Additional notes:
- No pensions/health benefits; participation available in Director Deferred Compensation Plan; returns are solely investment returns of elected options .
- Director pay was last increased in 2022; no changes made after the most recent annual review; targeted around market median .
Performance Compensation
Directors do not receive performance-based incentives; equity grants are time-based and fully vested at grant, and options are not part of the standard package.
| Performance Feature | Applied to Directors? | Notes |
|---|---|---|
| Annual/long-term performance metrics | No | Program uses fixed cash retainers and fully vested equity; no options; no performance metrics for directors |
| Clawback, hedging/pledging policies | Policy prohibits hedging; directors and executive officers are prohibited from pledging Class A shares |
Other Directorships & Interlocks
| Company | Relationship to CME | Interlock/Conflict Note |
|---|---|---|
| Dime Community Bancshares | Unrelated public bank | No exchange-related conflict disclosed; Suskind is also designated a CFTC “public director” |
| Navistar; Stem Holdings; Liquid Holdings | Prior public boards | No related-party transactions disclosed with CME |
CME’s conflict-of-interest and independence processes include annual reviews and policies; directors meeting independence criteria are affirmed annually .
Expertise & Qualifications
- Derivatives market leadership (NYMEX/COMEX vice chair roles; FIA Hall of Fame 2005) .
- Risk oversight: Founding chair of CME’s Risk Committee (since 2014), overseeing ERM, cybersecurity, operational resilience at board level .
- Financial services markets practitioner (Goldman Sachs/J. Aron metals derivatives), policy/regulatory engagement (CFTC hedging exemptions) .
- Corporate governance: Service on audit, nominating & governance, market regulation oversight, and executive committees; Independent Lead Director .
Equity Ownership
| Holder | Class A Shares | % of Class | Notes |
|---|---|---|---|
| Dennis A. Suskind | 3,915 | <1% (none >1% disclosed) | Beneficial ownership as of March 10, 2025 |
Ownership alignment:
- Ownership guidelines: 2x total annual retainer (for 2024, $480,000); all directors with ≥5 years of service met the guideline at the 2024 review; others on track within 5 years .
- Hedging/pledging: Prohibited for directors and executive officers .
Governance Assessment
- Strengths:
- Highly aligned expertise to CME’s risk profile (derivatives, clearing, cyber/operational resilience) as Risk Committee Chair; provides continuity and depth in oversight .
- Independent Lead Director with clear authorities enhances board independence and engagement with shareholders; participated in governance-focused outreach .
- Independence and “public director” designation mitigate conflict risk given CME’s SRO status .
- Director ownership guidelines met for long-tenured directors; Suskind holds CME equity and can elect to take cash retainers in stock, enhancing alignment .
- Watch items:
- Tenure/refresh considerations: Board is executing a multi-year refresh and reduction in size; long-tenured directors (including Suskind) should continue to be balanced with new skills over time to sustain effectiveness .
- No specific red flags disclosed: No related-party transactions involving Suskind are disclosed; CME prohibits hedging/pledging and maintains robust independence/conflict policies .