CBOE Holdings Inc. said former IRS Commissioner Douglas H. Shulman has
withdrawn his bid for election to the company's board days before its annual
meeting as he prepares to testify before Congress about allegations that the IRS
targeted conservative groups with extra scrutiny.
Shulman, 45, was a new nominee to the 15-member board. He was the head of the Internal Revenue Service from 2008 until his five-year term ended in November. He was replaced by Acting Commissioner Steven Miller, who resigned last week after the targeting allegations surfaced.
Shulman is set to testify before Congress on Tuesday about the investigation.
"We understand that Mr. Shulman's decision to withdraw his candidacy for election was due to the timing of his testimony before Congress and was not due to any disagreement or dispute between the company and Mr. Shulman," CBOE Chairman and CEO William Brodsky said in a letter to stockholders Tuesday. Brodsky added that the company has not named a replacement nominee and that it may run its board with fewer members this year.
Before joining the IRS, Shulman held several roles at the Financial Industry Regulatory Authority, the largest regulator of securities firms and exchanges.
There are now two men running for new seats on CBOE's board: Edward Fitzpatrick, chief financial officer at Motorola Solutions, and Edward Tilly, CBOE president and chief operating officer. The company announced in December that Tilly would take over the role as CEO from Brodsky at the annual meeting.
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