Villeneuve to step down as Instinet chairman

Villeneuve to step down as Instinet chairman

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."

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