Chicago based exchange operator Cboe Global Markets issued a statement today noting the death of Joe Sullivan.

The Cboe stated that it mourns the loss of Joseph Sullivan III, the Founder and first President of the Chicago Board Options Exchange, who passed away on October 2, 2020. Cboe said it extends condolences to the Sullivan family and expresses sincere gratitude for Sullivan’s vision and drive to launch Cboe 47 years ago, establishing the listed options industry in the U.S.

The Cboe said it will honor Joe Sullivan with a moment of silence on its trading floor before the market open on Tuesday, October 13.

Ed Tilly, Chairman, President and CEO of Cboe Global Markets added:

“On behalf of all of Cboe, we are deeply saddened to lose a visionary leader like Joe Sullivan. His dedication, determination and commitment to launching Cboe, in spite of many challenges, laid the foundation for the vibrant options market that exists today. Joe was immensely proud of what Cboe and the U.S. options industry would become. Our industry simply would not be what it is without Joe’s innovative thinking and leadership and we are forever grateful for his passion and genius.”

Joe Sullivan began his career as a reporter for the Wall Street Journal before joining the Chicago Board of Trade, and eventually launching Cboe on April 26, 1973. For the last 18 years, the Options Industry Council has recognized significant individual contributions to the growth and integrity of the U.S. options market in his honor through the Joseph W. Sullivan OptionsIndustry Achievement Award, presented at the industry’s annual conference.

Mr. Sullivan reflected on Cboe’s founding in his 2019 memoir, The Advent of the Chicago Board Options Exchange: A Golden Anniversary Memoir by its Founding President. His obituary is available via the Knoxville News Sentinel, where the family requests donations be sent to The McNabb Center, a behavioral health services center in Knoxville.