Timothy S. Bitsberger
Director at CME
Board
About Timothy S. Bitsberger
Timothy S. Bitsberger is an independent, “public” director of CME Group, age 65, serving on the board since 2008. His background includes senior financial-services and public policy roles: Assistant Secretary for Financial Markets at the U.S. Treasury (Senate-confirmed in 2004; prior Deputy Assistant Secretary for Federal Finance, 2001–2005), Senior Vice President & Treasurer of Freddie Mac (2006–2008), Managing Director at BNP Paribas (2010–2015), senior consultant at Booz Allen (2010), BancAccess Financial (2009–2010), and Managing Director/Portfolio Specialist at TCW (2017–2021). He is classified by CME’s board as independent and a CFTC-defined “public director.”
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| U.S. Treasury Department | Deputy Assistant Secretary for Federal Finance; Assistant Secretary for Financial Markets (Senate-confirmed) | 2001–2005 (Assistant Secretary confirmed in 2004) | Financial markets oversight; policy leadership |
| Freddie Mac | Senior Vice President & Treasurer | 2006–2008 | Leadership role engaging with central banks and foreign regulators |
| BNP PNA (BNP Paribas subsidiary) | Managing Director, Official Institutions FIG Coverage Group | Dec 2010–Nov 2015 | Business development; investment strategy; work with foreign institutions/regulators |
| Booz Allen Hamilton | Senior Consultant | May 2010–Nov 2010 | Strategic consulting |
| BancAccess Financial | Role noted | Dec 2009–Apr 2010 | Financial services experience |
| The TCW Group | Managing Director & Portfolio Specialist (Account Management Team) | Mar 2017–Feb 2021 | Client communication of strategies/performance/outlook |
External Roles
- No current public company directorships disclosed in the director biography or past five-year disclosure section for Equity director nominees. Information on public directorships is provided for five years; Bitsberger’s profile does not list any.
Board Governance
| Governance Area | Details |
|---|---|
| Independence status | Board determined all current directors are independent except Mr. Duffy; Bitsberger is independent and designated a “public director.” |
| Board & committee attendance | Board held six regular and one special meeting in 2024; each director attended more than 75% of combined board/committee meetings. |
| Committee memberships (2024) | Compensation Committee (member), Executive Committee (member), Finance Committee (member), Market Regulation Oversight Committee (Chair), Risk Committee (member). |
| Committee meeting activity (2024) | Compensation: 7 meetings; Executive: 3; Finance: 5; Market Regulation Oversight: 6; Risk: 5 – all standing committees noted as 100% independent. |
| Executive sessions | Quarterly executive sessions of independent directors and regular committee executive sessions. |
Fixed Compensation
| Component (Directors’ Program) | 2023 Program Amount | Notes |
|---|---|---|
| Annual cash stipend | $95,000 | Directors may elect shares in lieu of cash; paid pro-rata monthly. |
| Committee membership retainer | $12,000 | Per board committee. |
| Committee chair retainer | $25,000 | For non-executive chairs. |
| Annual equity stipend | $145,000 | Granted under Director Stock Plan; not subject to vesting restrictions. |
| Lead Director stipend | $50,000 | Additional annual stipend. |
| Functional committee meeting fees | $1,000–$1,250 | Clearing house risk, interest rate swap risk, and other functional exchange committees. |
2024 individual compensation (earned):
| Metric | 2023 | 2024 |
|---|---|---|
| Fees Earned or Paid in Cash ($) | $180,000 | $180,500 |
| Stock Awards ($) | $145,080 | $145,187 |
| Total ($) | $325,080 | $325,687 |
Additional notes:
- Directors can elect to receive all or part of cash stipend in shares valued at the annual grant date closing price; any unearned portion requires repayment if a director departs before the next annual meeting. Shares under the Director Stock Plan are not subject to vesting restrictions.
- Non-executive directors may participate in a Director Deferred Compensation Plan; returns mirror chosen market investments; no pension or health benefits for non-executive directors.
Performance Compensation
| Item | Disclosure |
|---|---|
| Equity awards form | Annual director stock grants; not subject to vesting restrictions (no performance conditions). |
| Performance metrics tied to director pay | None disclosed for non-executive directors. Executive performance metrics include Cash Earnings, Relative TSR, and Net Income Margin, but these apply to NEOs, not directors. |
Other Directorships & Interlocks
| Company | Role | Period | Notes |
|---|---|---|---|
| None disclosed | — | — | No compensation committee interlocks; CME reports no interlocking relationships with other companies’ boards/compensation committees. |
Expertise & Qualifications
- Financial services leadership across government, GSEs, and global banks; policy experience at U.S. Treasury (financial markets).
- Public director per CFTC definitions; contributes to oversight of self-regulatory responsibilities—chairs Market Regulation Oversight Committee.
- Risk oversight exposure through service on Risk Committee and Finance Committee.
Equity Ownership
| Ownership Item | Amount |
|---|---|
| Class A shares beneficially owned | 10,589 (as of March 10, 2025) |
| Shares pledged as collateral | None; CME prohibits pledging by directors/executives and notes no current pledges. |
| Hedging policy | Directors prohibited from hedging/derivative transactions on CME stock. |
Governance Assessment
- Alignment: Classified independent and “public” director with deep regulatory and capital markets experience; chairs Market Regulation Oversight Committee, strengthening oversight of CME’s self-regulatory functions. Attendance met policy thresholds; committee structures are fully independent.
- Compensation structure: Mix of cash retainers and unvested equity grants without performance conditions is typical for non-executive directors; elective equity in lieu of cash enhances alignment; no director pensions or perquisites.
- Conflicts/related-party exposure: CME conducts annual independence reviews (including exchange trading fee relationships); board adopted conflict-of-interest policy; compensation committee reports no interlocks.
- RED FLAGS: None disclosed—no pledging/hedging, no interlocks, independence affirmed. Monitoring remains warranted given dual membership on Executive Committee and breadth of committee roles, but these are counterbalanced by formal independence determinations and public-director designation.