Nasdaq Promotes Wittman, Adding Role on Stock ExchangesLu Wang
Nasdaq OMX Group Inc. promoted Thomas Wittman to oversee its three U.S. stock exchanges, adding to his existing role running the company’s options business.
Wittman, who joined Nasdaq after the company’s acquisition of the Philadelphia Stock Exchange in 2008, will report to Eric Noll, who heads Nasdaq’s transaction services in the U.S. and U.K., according to spokesman Robert Madden. Brad Vopni, previously the head of equity product management and strategy, left the company last week as part of the management change.
Chief Executive Officer Robert Greifeld is diversifying the business to offset a global decline in stock trading. In the past year, the exchange has bought eSpeed, an electronic platform for trading U.S. Treasury bonds, the shareholder-relations unit of Thomson Reuters Corp. and a 25 percent stake in TOM, a Dutch alternative trading system focused on options.
Nasdaq, based in New York, owns 10 equities markets around the world, including three in the U.S. It operates two U.S. options markets that represent 25 percent of the total volume, according to the company’s website.
Wittman previously worked at the Philadelphia Stock Exchange, where he helped transition the firm’s options business from a floor-based, specialist system to an electronic platform, according to his profile on Nasdaq’s website.
The Wall Street Journal reported the management changes earlier.
Shares of Nasdaq fell 2 percent to $31.34 at 4 p.m. in New York, trimming its gain for the year to 25 percent.