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GFI Names Heffron CEO as Gooch to Remain as Executive Chairman

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Feb. 15 (Bloomberg) -- GFI Group Inc. named Colin Heffron chief executive officer, replacing Michael Gooch who will remain the company’s executive chairman of the board.

The company reported a $11.4 million net loss in the fourth quarter last year, compared with a $22.1 million loss in the year-earlier period, GFI said yesterday in an earnings statement. Revenue fell 11.5 percent to $207.3 million from $234.3 million. GFI arranges trades between banks in fixed-income, equity and commodity markets.

“Regulatory, market and economic uncertainty combined with seasonally slow trading resulted in difficult trading conditions in the fourth quarter,” Gooch said yesterday in the statement.

Heffron joined GFI in 1988 as a foreign currency options broker, the New York-based company said today in a statement. He helped the company create its London office and in 2004 was named president of the company.

The company’s shares rose 0.6 percent to $3.27 as of 11 a.m. in New York. They’ve fallen 28 percent in the past year.

To contact the reporter on this story: Matthew Leising in New York at mleising@bloomberg.net.

To contact the editor responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net.

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