Alpha Group CEO Schmitt steps down after TMX takeover

Mon Sep 24, 2012 3:00pm EDT
 
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TORONTO (Reuters) - Jos Schmitt is stepping down from his post as chief executive of Canadian stock-trading platform Alpha Group, which was acquired by a group of Canadian financial institutions and merged with larger rival TMX Group (X.TO: Quote) over the summer.

Randee Pavalow, Alpha's chief listings officer and general counsel, is also leaving the company, TMX said in a statement on Monday. Both moves are effective October 31.

"We respect their decision to leave the company and look forward to working with them between now and the end of October to ensure a smooth and seamless transition for our clients," said Kevin Cowan, president of TMX's TSX Markets division.

Maple Group, a consortium of some of Canada's top banks, pension funds and insurers, paid about C$4 billion ($4.08 billion) for TMX, Alpha, and the Canadian Depository for Securities, in a deal that closed in early August. Maple has since renamed itself TMX.

New leadership for Alpha will be announced before the executives depart, TMX said.

(Reporting By Cameron French; Editing by Frank McGurty)

 
Jos Schmitt, CEO of Alpha, speaks at the Reuters Exchanges and Trading Summit in New York March 30, 2010. REUTERS/Natalie Behring