Duncan L. Niederauer, the head of the New York Stock Exchange who negotiated a sale to an upstart exchange in Atlanta, will retire from his post earlier than expected.
Mr. Niederauer is stepping down immediately as chief executive of the NYSE Group, though he will stay on through August as president of IntercontinentalExchange, which bought the parent company of the Big Board last year, according to an announcement on Thursday. Mr. Niederauer had been chief executive since December 2007.
The move is “in light of the rapid integration” of the two exchange companies, IntercontinentalExchange said in the announcement. Mr. Niederauer will be succeeded by Thomas W. Farley, the chief operating officer of the Big Board.
“It has been a privilege to lead this great, iconic organization, and I am very proud of all that we accomplished,” Mr. Niederauer said in a statement. “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.”
IntercontinentalExchange, known as ICE, is a powerhouse in the high-growth business of derivatives. Its acquisition of the N.Y.S.E. ultimately reflected the diminished power of the Big Board, Mr. Niederauer acknowledged in announcing the deal in late 2012.
“Let me be clear that this combination — while friendly and strategic — is an acquisition, not a merger of equals,” he told his employees at the time.