ITG (ITG), a leading independent execution broker and research provider, today announced that it has replaced Bob Gasser as its chief executive officer with Jarrett Lilien, a member of the ITG board and the former president and chief operating officer of E*TRADE Financial, effective immediately.
Maureen O’Hara, chairman of the board of ITG, said “We are very pleased that Jarrett has agreed to serve as interim CEO while we consider our options for a permanent CEO. With Jarrett and the remainder of the executive team we are in capable hands as we seek to ensure a smooth management transition.”
ITG also announced that Associate General Counsel Angélique DeSanto has been named General Counsel.
SEC Potential Settlement Update
Ms. O’Hara also provided an update on last week’s announcement of the potential settlement with the Staff of the SEC Enforcement Division in connection with the SEC’s investigation into a proprietary trading pilot program at an ITG subsidiary, noting that the potential settlement remains in process. In addition, she said that “The board of directors, with the assistance of outside counsel, concluded its independent review of the SEC matter at the end of last week. We hope to expeditiously finalize the settlement and to work with our customers, shareholders and employees to restore confidence in our company and its capabilities.”