Edward Tilly is set to take over as chief executive of Clear Street, two months after having been appointed president at the firm. He replaces CEO and co-founder Chris Pento.
Upon his departure, Pento is set to assume an executive and partner role at White Bay, the family office of co-founder Uriel Cohen. He will remain on the board of directors at Clear Street.
Speaking to his departure, Pento said: “I’m incredibly proud of what we’ve achieved at Clear Street […] The blend of tech and finance talent at Clear Street has allowed us to build horizontally scalable technology, disencumbered from decades-old infrastructure, integrated with the best capital markets teams on the street.
“Our product and service model is second to none, and our progress rolling out new technology solutions like Studio, our all-in-one portfolio management system, and service offerings like equity research and investment banking, has only accelerated.”
Since joining Clear Street Tilly has worked closely with Pento, jointly leading the firm through the next phase of growth.
Tilly resigned as chief executive of Cboe in September 2023, following the conclusion of an investigation – launched in August – that determined he had failed to disclose personal relationships with colleagues.
Read more: Cboe names new chief executive as Edward Tilly resigns over undisclosed personal relationships
“What Chris has achieved for Clear Street since the founding in 2018 is extraordinary, and I’m grateful for his vision and commitment to this innovative business,” said Tilly.
“In a landscape dominated by legacy players, Chris had the vision to combine a cloud-native tech platform with non-bank prime-brokerage and a relentless customer-centric focus. That’s a winning combination that we are repeating and scaling across markets, client types and geographies. We look forward to Chris’ ongoing guidance as he and I work closely together for the rest of the year, and then as he continues his presence on our Board and assumes his new role at White Bay.”