Nasdaq's No. 2 executive leaving to head brokerage
By Jessica Toonkel and John McCrank
NEW YORK (Reuters) - Nasdaq OMX Group Inc (NDAQ.O: Quote) said on Monday Eric Noll, the exchange operator's top internal candidate to replace Chief Executive Robert Greifeld, is leaving to become president and chief executive of brokerage ConvergEx.
Noll will replace Joseph Velli, current CEO of ConvergEx, which is owned by Chicago-based private equity firm GTCR and Bank of New York Mellon, by the end of the year, ConvergEx said.
"This was a unique opportunity to be a CEO of an important player in the market place," Noll said in an interview. He said he was approached about the job in recent weeks and that he will start at ConvergEx immediately.
Noll said there are no immediate plans for an initial public offering or a sale of the firm.
"I am interested in going there to build a business, to grow a business, to take advantage of opportunities," he said, adding that ConvergEx's growth would be both organically and through acquisitions under his leadership.
Nasdaq said it would assess both internal and external candidates for Noll's replacement and that it plans to fill the role near the end of the first quarter.
Tom Wittman, a former president of the Nasdaq OMX PHLX options market who now manages all of Nasdaq's products and pricing for U.S. equities and derivatives, is likely to fill Noll's position, said two sources who wished to remain anonymous because they are not permitted to speak to the media.
Brian Hyndman, senior vice president of global data products at Nasdaq, could also be considered for the role, one of the people said. Continued...