NYSE’s Leibowitz Said to Plan Departure Given ICE TakeoverSam Mamudi
Larry Leibowitz, who was the chief operating officer at the New York Stock Exchange’s parent, plans to leave IntercontinentalExchange Group Inc. by the end of 2013 now that the takeover of the company is complete, according to two people with knowledge of his plans.
NYSE Euronext’s purchase by ICE was completed yesterday. Leibowitz, 53, will join other executives in leaving the Atlanta-based company, said the people, who asked to not be named because the decision is private. NYSE Euronext Chief Financial Officer Michael Geltzeiler previously announced plans to join ADT Corp.
Brookly McLaughlin, an ICE spokeswoman, declined to comment on management changes.
ICE Chief Executive Officer Jeff Sprecher, whose own firm is now one of the world’s biggest exchange operators just 13 years after it was founded, is seeking to instill an entrepreneurial spirit at the company he just acquired, shaking up a culture with roots in the 18th century. Job cuts at NYSE Euronext are possible, he told Bloomberg Television during an interview today. NYSE Euronext CEO Duncan Niederauer plans to stay through at least next year, Sprecher added.
“There are overlaps that we’re going to have to deal with,” Sprecher told Betty Liu during the Bloomberg Television interview. Niederauer “agreed with me that he’ll stay at least a year, which is important to me because I’m not a particularly good television face.” Sprecher added. “He’s a great brand representative.”
ICE’s stock price climbed 1 percent to $199.84 today. After issuing shares to fund the NYSE Euronext purchase, ICE now has a market capitalization of $23 billion, making it the world’s second-biggest exchange operator by market value, according to data compiled by Bloomberg. Only CME Group Inc. is bigger, at $26 billion.
Thomas Farley, who was senior vice president of financial markets at ICE, is now the chief operating officer of NYSE, ICE said in a statement today. Niederauer is CEO of NYSE and an ICE president. Charles Vice remains an ICE president, as well as the COO. Among those staying in their roles at NYSE are Joe Mecane, head of U.S. equities, and Scott Cutler, head of global listings.
Sprecher during an interview with Bloomberg News yesterday that he wants NYSE to act more like a startup.
“I hope I can convince the NYSE employees to embrace that style of business and accept a certain amount of failure,” he said yesterday. “Any more-mature company has a hard time with that, but I really think that in today’s era companies need to move quickly.”
Leibowitz became COO of NYSE Euronext in 2010. He joined the company in 2007 from UBS AG, where he was COO of Americas Equities. Before that, he was co-head of Schwab Capital Markets.
As well as co-founding hedge fund Bunker Capital, Leibowitz was head of program and quantitative trading at Credit Suisse First Boston. He also served as CEO of Redibook LLC. That electronic-trading venue merged with Archipelago LLC, which NYSE ultimately purchased.