Cboe Global Markets CEO Edward Tilly has resigned after failing to disclose personal relationships with colleagues, the exchange operator said on Tuesday, and named board member Fredric Tomczyk in his place.

Tilly joined Cboe as a trading floor clerk in 1987 and rose through the ranks to become CEO in 2013. His total compensation was $11.9 million for 2022.

Tilly’s resignation follows the conclusion of an investigation by the board and an outside independent counsel that was launched in late August, the company said.

“The Board of Directors determined that Tilly did not disclose personal relationships with colleagues, which violated Cboe’s policies and stands in stark contrast to the company’s values,” the company said.

Cboe shares were up about 3%. Tilly did not immediately respond to a request for comment.

“Incident like this usually raises more questions about compliance and disclosures,” said Owen Lau, senior analyst at Oppenheimer & Co. “But the stock is up … it appears that investors are not too concerned about this event.”

Tomczyk, who joined Cboe’s board in July 2019, was previously the CEO of TD Ameritrade Holding.

“The silver lining is it doesn’t look like it is related to strategic or financial issue for the company,” Lau said of the CEO’s resignation. “The Board acts swiftly to resolve this, and new CEO Fredric Tomczyk has lots of experience in this industry.”

Last week, BP CEO Bernard Looney resigned failing to fully disclose details of past personal relationships with colleagues.