Chicago Stock Exchange Inc. CEO Dave Herron (left) will step down this month from the company's top post and Chief Operating Officer John Kerin will replace him in that role.
Mr. Kerin, 52, has worked at the exchange, also known as "CHX," for 25 years in operations and technology capacities. He will assume the post on April 18 when Mr. Herron exits, the company said in a statement.
The exchange, which first sold memberships for trading in 1882, handles less than one percent of stock transactions today in the U.S., but is a profitable Chicago-based company.
While its seat holders own about two-thirds of the company, the remaining third is owned by large U.S. financial institutions, including Goldman Sachs Group Inc., JPMorgan Chase & Co., E*Trade Financial Corp. and Bank of America Corp.
“We went through some dark years, but we were profitable last year and we're profitable this quarter,” Mr. Kerin said in an interview, noting that the company just signed a new, lower-cost lease at its South Loop location.
Mr. Kerin's plans for the company include securing a broker-dealer license, exploring other approaches for matching orders, and listing smaller companies.
'CHALLENGING ENVIRONMENT'
Mr. Herron, 59, has led the exchange since 2002, overseeing the transition of the business from a floor-based operation to an electronic exchange; the demutualization of the company so it could be owned by its seat holders; and the establishment of computerized matching engines for the exchange in Chicago and New York.
“I have complete confidence in John and the management team's ability to lead CHX in what will continue to be a very challenging environment,” Mr. Herron said in the statement.
In an interview, he added: “It has the ability to grow substantially. We have kept an independent exchange alive while others have had to fold into other venues or, in effect, shut down.”
No comments:
Post a Comment