ITG (NYSE:ITG), a leading independent broker and financial technology provider, announced that Minder Cheng has been appointed Chairman of its Board of Directors and Frank Troise has joined the company as Chief Executive Officer, President and member of the Board of Directors, effective January 15, 2016.
Mr. Cheng has been a director since November 2010. He currently serves as Chairman of the Board of Directors at MediaCrossing Inc., a Senior Advisor at Executive Networks and an Advisor at Armanta, Inc. From December 2009 until July 2010, Mr. Cheng served as Chief Investment Officer for Index Equity and Capital Markets at BlackRock. Mr. Cheng joined BlackRock via its 2009 merger with Barclays Global Investors, where he worked in a variety of capacities for the prior 10 years, most recently as CIO of BGI’s Equity and Capital Markets division. Prior to BGI, Mr. Cheng held research, strategy and proprietary trading roles in Tokyo, London and New York.
“I am looking forward to taking on this new role and working closely with my Board colleagues, Frank Troise and the entire ITG management team as we work to regain operating momentum and maximize shareholder value,” said Mr. Cheng. “I would like to thank retiring ITG Chair Maureen O’Hara for her dedication and guidance over the past eight years and also my fellow Board colleague, Jarrett Lilien, for his strong leadership as interim CEO at a critical time in ITG’s history.”
Commenting on his new role, Mr. Troise said, “I am pleased to be back at ITG, an exceptional firm with a culture of client service and innovation. ITG has many proud achievements over the past three decades. I am confident that our best days are ahead of us."
Mr. Troise joins ITG from J.P. Morgan, where until October 2015 he was a managing director and head of J.P. Morgan Execution Services, a global multi-asset execution group within the investment bank. Prior to J.P. Morgan, he was global head of electronic trading at Barclays Capital and head of U.S. electronic execution at Lehman Brothers. Before joining Lehman Brothers, Troise spent eight years at ITG, where his duties included serving as managing director in charge of client site sales and trading.
Required Disclosure Pursuant to NYSE Rule 303A.08
In reliance upon New York Stock Exchange Rule 303A.08, ITG granted two restricted stock unit ("RSU") employment inducement awards to Mr. Troise on January 15, 2016 as part of Mr. Troise’s previously disclosed compensation package.
Under the first inducement award, Mr. Troise was granted 135,353 RSUs which will vest in three equal annual installments beginning on the first anniversary of the grant date. Under the second inducement award, Mr. Troise was granted 156,051 RSUs which will vest on the following vesting dates: (i) 38% will vest on January 31, 2016 and will be subject to a 12-month holding requirement; (ii) 41% will vest on January 31, 2017; and (iii) the remaining 21% will vest on January 31, 2018. These employment inducement awards were granted outside of ITG’s current shareholder approved equity compensation plan pursuant to New York Stock Exchange Rule 303A.08. For further details regarding these awards, please see ITG’s Current Report on Form 8-K filed with the Securities and Exchange Commission on October 19, 2015.
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