Market Overview

Two NYSE Executives to Leave at the End of 2013

Two NYSE Executives to Leave at the End of 2013

The New York Stock Exchange and Larry Leibowitz are set to part ways, according to The New York Post.

Chief operating officer Larry Leibowitz, brother of Daily Show host Jon Stewart, will be leaving the exchange at the end of 2013. The New York Stock Exchange is owned by its parent company, NYSE Euronext.

The NYSE Euronext was recently acquired by the Intercontinental Exchange (NYSE: ICE) and Leibowitz has no intention of remaining with the newly-formed company.

Related: CEO Turnovers the Highest Since 2008, Bloomberg Reports

Leibowitz is not the only senior executive at the exchange that will be leaving the company. Michael Geltzeiler, the exchange's chief financial officer, is set to assume a similar title role at ADT (NYSE: ADT).

Intercontinental Exchange has set is roster, with Sunil Seshadri the only one of the 14 officers coming from the NYSE Euronext side.

It is expected that the newly-formed company spells trouble for some of NYSE Euronext's 3,100 employees. “We're going to take the best of breed that we have working for us,” Intercontinental Exchange's CEO Jeff Sprecher said on Bloomberg TV. “...unfortunately that means that there are overlaps that we're going to have to deal with” he added, hinting at the possibility of job cuts.

NYSE Euronext CEO, Duncan Niederauer, will takeover as the CEO of the NYSE and as one of two presidents of the Intercontinental Exchange, although it is unclear for how long, The Post said.

Posted-In: Daily Show Duncan NiederauerNews Rumors Management Movers Media General Best of Benzinga


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