CBOE Holdings Inc. CEO Edward Tilly will become board chairman when the company's pending acquisition of Bats Global Markets Inc. is complete.

Additionally, three CBOE directors — William Brodsky, Susan Phillips and R. Eden Martin — plan to step down when the deal is complete. Their resignations are conditioned upon the merger closing. Three members from the Bats Global Markets board will fill the vacancies that will result from their departure.

Under the merger agreement, the combined company will have 14 board members.

The merger is expected to close in the first half of 2017.