Mark Nienstedt has resigned as president of electronic trading outfit Instinet. He is not expected to be replaced in the near future.
Nienstedt, a 17-year veteran of the firm and former CEO and CFO of Instinet, will continue to serve on the board and provide advisory services to the CEO and senior management.
His departure seems to signal a shift in the balance of power at the company to senior management at Island ECN, the electronic communications network acquired by Instinet in September. Island chairman Ed Nicoll displaced Nienstedt in the chief executive's chair immediately post-merger, while the CFO position was handed over to Island man John Fay in November.
Andre Villeneuve, another Instinet old hand, retired as executive chairman of the company in December. His departure came 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.