The Chicago Board Options Exchange has appointed Edward Tilly to replace the outgoing Edward Joyce as president and COO.

“It has been a great honor to work with Ed Joyce, whose wisdom and leadership have been a guiding force in the successful development of CBOE and the entire U.S. options industry for the past 38 years,” said William Brodsky, CBOE chairman and chief executive officer in a statement. “In addition to a career marked by numerous professional distinctions, Ed brought wit, grace and unfailing kindness to his daily interactions with colleagues, staff and competitors alike. I speak for the entire CBOE community in saying thank you to Ed, both for his many accomplishments and for his abiding friendship.”

“I had the good fortune to work side by side with Ed Joyce for many years, and I am deeply honored to succeed him as president and COO,” said Tilly. “This is an exciting time in the history of CBOE, and it is gratifying to continue working in this new role with the most accomplished staff and trading community in the options business. I am proud of all that our team accomplished in our first year as a publicly-traded company and even more excited by what we can achieve in the months and years ahead.”

A spokesperson from CBOE declined to comment any further than what was mentioned on the statement.

The succession of Tilly to president and chief operating officer is effective immediately. Prior to the shift, he had been serving as CBOE’s executive vice chairman, a position that he had held since August 2006. Tilly was a CBOE member from 1989 to 2006 and traded as both a market maker and as a designated primary market maker. He was a part of CBOE’s board of directors from 1998 to 2000 and from 2003 to 2006.

Joyce is stepping down from a position he had held since June 2000 due to medical reasons. He began his career with CBOE in 1974, holding various positions in business development and relationship management.