Andre Villeneuve (58) is to retire as executive chairman of Instinet at the end of the year. Ian Strachan, current chairman of the electronic broker's audit and compensation committee and a Reuters' board director since May 2000, is appointed to succeed him as non-executive chairman.
Villeneuve, who is stepping down after a twelve-year stint at the helm of Instinet, says "it is time for a change".
News of his departure comes days after the company announced plans to shed approximately 300 employees, 17% of its workforce, as a part of a $100 million cost cutting plan in the wake of its merger with Island ECN.
Villeneuve adds: "Now that Instinet's merger with Island has been completed, the company is in capable hands with a clear strategic direction."