Massimo Capuano, deputy CEO at the London Stock Exchange and chief of Borsa Italiana, has quit.
Capuano has led the Italian exchange since 1997, overseeing its privatisation and the £1.1 billion sale to the LSE in 2007. Since the merger he has overseen technology integration, post-trade development as well as regulatory and institutional affairs at group level.
However, in January he lost responsibility for post-trade services when CEO Xavier Rolet hired Euroclear's Kevin Milne to take on the role.
Capuano hands over executive responsibilities immediately but will remain on the Borsa Italiana board for another four months.
He is replaced as Borsa Italiana CEO by Raffaele Jerusalmi, who is currently director of capital markets for the group. Jerusalmi joined the Italian bourse in 1998 and prior to the LSE merger acted as executive director, responsible for equities, derivatives and fixed income markets.
Says Capuano: "I am proud of Borsa Italiana's achievements over the past 12 years. We have grown significantly both in size and stature and have developed world-class products and services across different asset classes and through the value chain."