Intercontinentalexchange Group Inc (NYSE:ICE) announced the decision of Duncan Niederauer to step down from his position as chief executive officer of New York Stock Exchange (NYSE) Group earlier today.
Mr. Niederauer will remain as president of the global network of exchanges and clearing houses to contribute to the integration of ICE and NYSE Euronext (NYSE:NYX) until August 2014.
“It has been a privilege to lead this great, iconic organization, and I am very proud of all that we accomplished during my time at NYSE Euronext.” He served as CEO of NYSE Euronext from 2007 until late 2013.”
Mr. Niederauer added, “The transition to ICE ownership has gone smoothly, and with our integration well on track, accelerating the final stages of my transition will only extend that progress and provide clarity on future leadership.”
Furthermore, he expressed his appreciation to his colleagues for their extraordinary commitment and dedication and emphasized, “We strengthened the NYSE’s role as world’s premier venue for raising capital, and ensured that the NYSE Euronext (NYSE:NYX) is better positioned to compete in today’s complex and evolving global marketplace.”
During his tenure, Mr. Niederauer transformed the NYSE and achieved growth while navigating through the financial crisis, evolving market regulatory conditions and industry consolidation. The organization became a consistent leader in IPOs.
ICE CEO speculated to unload NYSE cash equity business
Mr. Niederauer departure as CEO of NYSE was first reported by FOX Business Network (FBN) Senior Correspondent Charlie Gasparino in February. Gasparino also suggested that Jeffrey Sprecher, chairman and CEO of Intercontinentalexchange Group Inc (NYSE:ICE) may be planning to sell “the cash equity business” at the NYSE Euronext.
“There’s a lot of stuff going on here in terms of buying and selling Mergers and Acquisitions, but these people are clearly pointing to the very real potential that Jeff Sprecher at some point – that’s the CEO of the ICE — unloads the cash equity business at the NYSE Euronext (NYSE:NYX),” said Gasparino.
NYSE COO Farley to take over from Niederauer as CEO
Intercontinentalexchange Group Inc (NYSE:ICE) named Thomas W. Farley, the current COO and former president of ICE Futures U.S. to succeed Mr. Niederauer. Farley will assume the title president of NYSE Group effective immediately.
“Tom has proven his leadership capacity and ability to manage organizational and market structure changes, both in his roles with us in transforming the New York Board of Trade and driving growth in our derivatives business. He is well positioned to lead the NYSE as we continue to build a customer-focused business for the future,” said ICE chairman and CEO Sprecher.