Wolfgang Nier, chief executive of CSK Software has lost his job in a wide-ranging restructuring of the financial solutions group by parent CSK Corporation.
As part of the restructuring CSK has promised a multi-million dollar investment in its Frankfurt-based financial markets operation, with the aim of increasing its global market presence and improving "time to market" in the product development area.
Good progress in middleware sales has been rewarded with the creation of an independent business based around the X-Gen product group. The new unit will be headed by X-Gen founder Felix Huber from CSK's Zurich office.
The Electronic Trading Systems group will continue to be driven by the existing business management teams, says CSK, but will gain extra funding to support the imminent release of new products like Slingshot 2, as well as new functionality such as the addition of new exchanges on X-Quote and new instruments on the rates management platform X-Con.
Fallout from the upheavals has resulted in the existing CEO, Wolfgang Nier, "deciding to pursue other activities" says CSk in a statement. A management committee has been created, headed by Teiichi Aruga (CSK Corporation's EVP), as an interim measure while a new CEO is identified.