Farnham takes over as Turquoise CEO

Farnham takes over as Turquoise CEO

LSE majority-owned Turquoise has shuffled its management team, with chief executive David Lester becoming chairman, replaced by chief operating officer Adrian Farnham.

LSE veteran Lester was put in charge of Turquoise last year following its acquisition and merger with the Baikal dark pool, ousting Eli Lederman.

Lederman has since taken the exchange operator to an employment tribunal over his departure forcing an admission that he was unfairly dismissed.

Lester is now moving upstairs, replacing LSE chief Xavier Rolet as chairman and paving the way for Farnham - a pre-takeover man, having joined Turquoise as COO from Morgan Stanley in 2007 - to step up.

In addition, LSE head of equities and derivatives, Nicolas Bertrand will be joining the Turquoise board.

Says Farnham: "I am looking forward to leading the company towards new targets, creating our new and innovative pan-European derivatives service and developing and building this unique business as part of the LSE Group."

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