NYSE Listings Chief Scott Cutler Departing in Latest ShuffleSam Mamudi and Leslie Picker
Scott Cutler is departing as the head of listings at the New York Stock Exchange, stepping down from a position where he won the biggest initial public offering in history.
Cutler will be replaced by Garvis Toler III, an executive from Dealogic, Intercontinental Exchange Inc., which acquired NYSE Group Inc. in 2013, said in a statement today. Toler will become global head of capital markets.
Alibaba Group Holding Ltd. set records in September when it raised $25 billion. Under Cutler’s watch, NYSE dramatically increased its share of Internet and technology listings, and in 2013 won more debuts in the sector than Nasdaq OMX Group Inc. for the first time.
Cutler was one of the few remaining NYSE executives whose role predated ICE’s acquisition. Another NYSE listings executive John Merrell will be responsible for listed company relationships, according to Tuesday’s statement.
Since ICE took over the Big Board operator NYSE has seen the departures of much of its former leadership, including Chief Executive Officer Duncan Niederauer, Chief Operating Officer Larry Leibowitz, head of U.S. equities Joe Mecane and Lou Pastina, who oversaw the New York Stock Exchange. ICE CEO Jeff Sprecher tapped one of his top deputies, Tom Farley, to run NYSE Group.
The exchange operator has also promoted internally, with Paul Adcock taking on day-to-day operations of the U.S. stock exchanges. Other changes included Steve Crutchfield, the head of U.S. options, gaining oversight over exchange-traded funds and bonds and Elizabeth King becoming the new general counsel at NYSE.
Cutler joined NYSE in 2006, hired from Cowen & Co. by then-CEO John Thain. One of Cutler’s first moves was to push for a change to NYSE’s listing requirements. In 2008, the exchange lowered the threshold for the size of listed companies to $150 million from $250 million, and removed a requirement that a company had to be profitable for three straight years.
The changes meant that 70 percent of companies looking to go public could qualify for a NYSE listing, compared with 30 percent under the previous rules, Cutler said in an interview last summer.
Among his initiatives, Cutler began establishing relationships in the technology world, holding boot camps with startups where executives of companies considering going public are instructed on the nuances of an IPO.
“You’re not flying in pinstripe suits from New York to win business,” he recalled telling Thain. “You have to be part of the community and you have to be relevant.”