Niederauer to retire from Nyse
23 May 2014 | 1582 views | 0
IntercontinentalExchange Group (NYSE: ICE), the leading global network of exchanges and clearing houses, announced that, in light of the rapid integration of ICE and NYSE, Duncan Niederauer, CEO of NYSE Group and Co-President of ICE, has accelerated his planned departure.
Niederauer will continue as President of ICE, contributing to the companies' integration, through August 2014. Niederauer served as CEO of NYSE Euronext from 2007 through late 2013, when the acquisition by ICE was completed. Thomas W. Farley, the COO of the NYSE and former ICE Futures U.S. President, will succeed Niederauer, taking the title of President of NYSE Group, effective immediately.
"The transition to ICE ownership has gone smoothly, and with our integration well on track, accelerating the final stages of my transition will only extend that progress and provide clarity on future leadership."
Said Duncan Niederauer: "It has been a privilege to lead this great, iconic organization, and I am very proud of all that we accomplished during my time at NYSE Euronext. Thanks to the extraordinary dedication and commitment of my colleagues, we strengthened the NYSE's role as world's premier venue for raising capital, and ensured that the NYSE is better positioned to compete in today's complex and evolving global marketplace."
He continued: "The transition to ICE ownership has gone smoothly, and with our integration well on track, accelerating the final stages of my transition will only extend that progress and provide clarity on future leadership."
As CEO of NYSE Euronext, Niederauer transformed and grew the organization while navigating through the financial crisis, evolving market and regulatory conditions, and industry consolidation. The NYSE also became the consistent leader in IPOs, including listings of technology IPOs. In 2006, the NYSE won only 15% of technology IPOs; in 2013, the NYSE won 54% of all technology IPOs. Niederauer also successfully negotiated and completed NYSE Euronext's acquisition by IntercontinentalExchange.
Said ICE Chairman & CEO Jeffrey C. Sprecher: "Duncan's vision for advancing the NYSE saw the exchange through extraordinary change and positioned it for success on a global scale. And his ability to advance our team's intntegration activities has put us well on track to achieving our stated operational and financial objectives as a combined company. On behalf of our Board, we are grateful for his leadership throughout this transition and we want to recognize his tireless efforts throughout his tenure."
Sprecher continued: "Tom has proven his leadership capacity and ability to manage organizational and market structure changes, both in his roles with us in transforming the New York Board of Trade and driving growth in our derivatives business. He is well positioned to lead the NYSE as we continue to build a customer-focused business for the future."