IntercontinentalExchange, Inc. (ICE) announced Thursday Duncan Niederauer will continue to serve as its co-president, while retiring as the CEO of NYSE Group, effective immediately, in light of the rapid integration of ICE and NYSE. Niederauer will continue contributing to the companies' integration, through August 2014.
"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," Niederauer said in a statement.
The company promoted Thomas Farley, NYSE COO and former ICE Futures U.S. President, to succeed Niederauer as president of NYSE Group, effective immediately. Farley joined the NYSE in November 2013 when ICE acquired NYSE Euronext.
Prior to that, Farley served as senior vice president of Financial Markets at ICE after joining the company in 2007 and serving as the president and COO of ICE Futures U.S., formerly the New York Board of Trade.
"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," ICE Chairman & CEO Jeffrey Sprecher said in a statement.
IntercontinentalExchange completed its acquisition Of NYSE Euronext mid-November 2013, until when Niederauer served as CEO of NYSE Euronext from 2007. It was Niederauer who successfully negotiated and completed NYSE Euronext's acquisition by IntercontinentalExchange.
During his tenure as CEO of NYSE Euronext, Niederauer oversaw the transformation of the company into an innovative, globally integrated organization with a high-tech, high-touch focus.
Prior to that, Niederauer served as president and co-COO of NYSE Euronext with responsibility for U.S. cash equities. He joined NYSE Euronext in April 2007 after serving as managing director and co-head of the equities division execution services franchise at Goldman, Sachs & Co. (GS). He had a career spanning 22 years at Goldman Sachs.
"Duncan's vision for advancing the NYSE saw the exchange through extraordinary change and positioned it for success on a global scale. And his ability to advance our team's integration activities has put us well on track to achieving our stated operational and financial objectives as a combined company. On behalf of our Board, we are grateful for his leadership throughout this transition and we want to recognize his tireless efforts throughout his tenure," Sprecher added.
In Thursday's regular trading session, ICE is currently trading at $192.34, up $0.15 or 0.08% on a volume of 0.65 million shares.
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