Cboe Overhauls Leadership in Strategic Push for Global Growth

CHICAGO, IL – January 26, 2026 – Cboe Global Markets today announced a significant overhaul of its executive leadership, a strategic maneuver designed to fortify its global operations, accelerate technological innovation, and sharpen its focus on key growth areas. The world's leading derivatives and securities exchange network has appointed industry veterans Scott Johnston as its new Chief Operating Officer and Heidi Fischer as Global Head of Equities and Spot Markets.

The appointments are part of a broader changing of the guard that includes the planned retirement of current COO Chris Isaacson, a pivotal figure in the company's technological transformation, and the departure of Natan Tiefenbrun, President of Europe. This comprehensive reshuffle signals a deliberate move by CEO Craig Donohue to position Cboe for its next chapter of growth in an increasingly competitive and rapidly evolving global marketplace.

A New Guard with Veteran Expertise

Cboe is bringing in substantial external experience to fill its most critical operational and strategic roles. Scott Johnston, who will assume the COO position on February 17, 2026, brings a remarkable four decades of experience from the highest echelons of the trading and technology world. His extensive resume includes senior leadership roles at high-frequency trading powerhouses like Hudson River Trading and Citadel, as well as operational leadership at Akuna Capital, Tower Research Capital, and CME Group. As COO, Johnston will oversee the day-to-day functions of Cboe's global trading platforms, market operations, and clearing teams.

"I'm excited to join Cboe, an organization renowned for its vision, momentum, and exceptional team," Johnston stated. "I look forward to leveraging my experience to help scale the business, enhance operational performance, and support the company's continued innovation and growth." His deep background in options trading technology and high-performance systems is seen as a direct investment in Cboe's core infrastructure as it seeks to maintain its competitive edge.

Joining him is Heidi Fischer, who will take the helm as Executive Vice President, Global Head of Equities and Spot Markets. With over 25 years of experience, Fischer most recently served as President of TMX Alpha US at TMX Group, where she was instrumental in launching the alternative trading system (ATS) AlphaX US. Her career also includes leadership positions at Deutsche Bank and Instinet. Fischer's appointment is a clear signal of Cboe's intent to bolster its equities franchise, particularly in the complex and growing off-exchange market segment.

"It's an honor to join Cboe as the Global Head of Equities and Spot Markets," Fischer said. "The momentum across the business is exceptional, and I'm excited to bring a fresh perspective as we expand our global footprint, strengthen client relationships, and enhance the markets we serve."

Strategic Realignment on Global and Off-Exchange Markets

The leadership changes are explicitly tied to a broader strategic realignment aimed at expanding Cboe's international presence and capitalizing on evolving market structures. To this end, the company is introducing a new regional office leadership structure to "further drive its globalization strategy." The new model assigns key executives to oversee major hubs: CTO Tim Lipscomb will oversee Kansas City, Fischer will lead New York, Vikesh Patel will head Amsterdam, and, notably, London will be co-led by Alex Dalley and Jon Weinberg.

Dalley, a long-tenured leader at the firm, has been promoted to Senior Vice President and Head of European Equities, a move subject to regulatory approval. He steps in following the departure of Natan Tiefenbrun, who was credited with significantly developing Cboe's European equities business. This internal promotion is designed to ensure continuity in a critical region.

Meanwhile, Jon Weinberg's role has been significantly expanded to SVP, Global Head of FX and Off-Exchange Trading. In a key strategic pairing, Weinberg and Fischer will now jointly drive the vision for Cboe's off-exchange market operations across all asset classes. This collaboration underscores a major push into the off-exchange, or "dark pool," space, an area of increasing importance for institutional investors seeking liquidity and minimal market impact.

The Next Chapter in Technology and Operations

The transition in the COO office marks a significant moment for Cboe. Chris Isaacson, who will retire on March 6, 2026, is widely recognized as the chief architect of Cboe's modern technology platform. Having joined with the transformative acquisition of Bats Global Markets in 2017, Isaacson led the integration and evolution of the company's systems, establishing a reputation for technological excellence and reliability. His decision to remain as an advisor through the end of 2026 is intended to ensure a seamless handover of these critical responsibilities.

"Chris has played a pivotal role in guiding Cboe through an incredible period of transformation and growth," CEO Craig Donohue commented, thanking him for his dedicated service. Isaacson himself reflected on the journey, stating, "It has been an incredible journey and privilege to innovate and build trusted markets with this remarkable team. I am immensely proud of what we've accomplished together."

While Isaacson's tenure was defined by integration and establishing a new foundation, Johnston's appointment signals a shift toward the next phase: scaling and optimizing that foundation for higher performance and future growth. His experience at firms known for their cutting-edge, low-latency trading technology suggests Cboe is preparing for an environment that demands ever-increasing speed, capacity, and operational resilience. He will work in close partnership with CTO Tim Lipscomb, who has been with Cboe for six years, to continue driving this innovation forward.

Navigating a Dynamic and Competitive Landscape

These executive moves do not occur in a vacuum. They are a calculated response to the hyper-competitive global exchange industry, where firms like NYSE, Nasdaq, and LSE Group are constantly vying for market share, trading volumes, and data revenue. In this environment, standing still is not an option. Cboe's restructuring appears to be a multi-pronged strategy to reinforce its strengths and attack new opportunities.

The focus on the core U.S. options business, which has seen surging volumes, is complemented by the aggressive push to attract retail customers and now, a renewed focus on global equities and off-exchange trading. The appointments of Johnston and Fischer, with their specific skill sets in high-performance operations and alternative trading systems, respectively, provide Cboe with the specialized leadership needed to compete effectively on these fronts. By creating a more defined regional leadership structure and pairing executives to tackle strategic initiatives, Cboe is building an organization designed to be more agile and responsive to both local market needs and global trends, positioning itself to shape the future of the markets it serves.