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Griffin’s Citadel Securities Loses Three Executives

Jan. 3 (Bloomberg) -- Ken Griffin’s Citadel LLC lost three senior executives at the securities unit, bringing to nine the number of top-level employees who have departed in the last 15 months.

Chris Boas, head of credit markets for Citadel Securities, Brad Kurtzman, who ran equity derivatives sales and trading, and Carl Mayer, head of leveraged finance, all left, Devon Spurgeon, a spokeswoman for Chicago-based Citadel, confirmed in a telephone interview. Citadel is conducting a search for executives to fill the vacancies left by Boas and Kurtzman, she said. John Kilgallon, who currently works in the leveraged finance group, will replace Mayer.

“Extracting someone from a successful situation will be difficult,” Hank Higdon, managing partner at HigdonBraddockMatthews LLC, an executive search firm in New York, said in an interview. “It seems that the probability of it being a long-lived relationship at Citadel is not high.”

Griffin, who founded Citadel as a hedge fund 20 years ago, started the securities unit in late 2008, at the height of the financial crisis, to offer underwriting, stock, bond and derivatives trading, and advice on mergers, acquisitions and restructurings. The exodus of senior talent started when Rohit D’Souza, who Griffin had hired to build the new business, left after one year.

Patrik Edsparr was ousted in May of last year, seven months after Griffin picked him to succeed D’Souza. Todd Kaplan, chief of investment banking, left a year ago. Peter Santoro, who ran institutional markets, left in December 2009. Brennan Warble, who headed institutional sales, and James Boyle, who ran equity derivatives with Kurtzman, left in October of last year.

Boas moved to Citadel’s investing banking arm from Citadel’s hedge fund, which he joined in 2006. Mayer started at Citadel in 2009. He was previously head of leveraged finance capital markets at Merrill Lynch & Co. Kurtzman also came to Citadel in 2009 and previously worked at Merrill.

-- Editors: Christian Baumgaertel, Josh Friedman.

To contact the reporters on this story: Katherine Burton in New York at; Shannon D. Harrington in New York at

To contact the editors responsible for this story: Christian Baumgaertel at; Alan Goldstein at;

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