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.

Its shares fell 1.45% to $149.5 in premarket trading. Tilly did not immediately respond to a request for comment.

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

Last week, oil major BP's CEO Bernard Looney had resigned after less than four years at the helm for failing to fully disclose details of past personal relationships with colleagues.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Anil D'Silva and Arun Koyyur)