Bats chief Ratterman stripped of chairmanship

Bats chief Ratterman stripped of chairmanship

Bats president and chief executive Joe Ratterman has been stripped of the chairmanship in the wake of last week's bungled IPO.

In a statement, the Bats board expressed unanimous support for Ratterman to continue in the CEO role, but removed the chairmanship "as part of an enhanced corporate governance structure".

The statement reads: "We fully support his (Ratterman's) leadership, vision and strategic direction as Bats continues to enhance competition and foster innovation in markets worldwide."

The move follows Bats botched IPO last week, which Ratterman described in an open letter and apology to customers as "a devastating moment for our company, our associates, our members, our investors and our underwriters".

The technical snafu, caused by a software bug in the open auction process that sent prices spiralling downwards, has led to calls for all bonuses to be suspended at the exchange.

In removing the chair from Ratterman - one of the founding employees of Bats - the board is flexing its muscle and looking to call the shots as the firm recovers from the meltdown.

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