July 3, 2013 / 8:45 PM / 6 years ago

Knight Capital CEO Joyce quits newly merged trading firm

Tom Joyce, chief executive of Knight Capital Group Inc., speaks critically about the handling of the Facebook IPO during the Sandler O'Neill + Partners, L.P. global exchange and brokerage conference in New York June 7, 2012. REUTERS/Lucas Jackson

NEW YORK (Reuters) - Tom Joyce, the former chief executive officer of Knight Capital who helped the trading firm avoid bankruptcy, has resigned from the company just days after its takeover by rival Getco was finalized, the newly combined trading firm said in a statement.

The new firm, called KCG Holdings Inc, said on Wednesday that Joyce resigned from his role as executive chairman of the board of directors, effective immediately.

Stephen Schuler, a current board member and co-founder of Getco, has been appointed as non-executive chairman.

Knight’s future was in doubt last August after a software glitch sent out thousands of unintended trades, rattling the stock market and losing the firm $440 million. Joyce managed to gather a $400 million cash injection from a group of investors including Getco in exchange for a 70 percent stake.

In December, Knight and Getco announced a $1.4 billion merger, which closed on Monday.

In the statement on Wednesday, KCG CEO Daniel Coleman thanked Joyce, but did not provide an explanation for his departure.

Reporting by Lauren Tara LaCapra; Editing by Chris Reese

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