Stephen Schuler Resigns From KCG's Board, Following Tierneyby
Schuler's resignation takes effect when new directors elected
Daniel Tierney left KCG's board of directors in December
Stephen Schuler, a co-founder of speed-trading firm Getco, has resigned from the board of directors of KCG Holdings Inc., the company created when Getco combined with a struggling brokerage.
Schuler stepped down from the board on Monday. His resignation will take effect when new directors are elected at the company’s annual shareholder meeting on May 11, according to a regulatory filing.
His departure comes after Daniel Tierney, the other co-founder, left the company’s board of directors in December.
Tierney and Schuler founded Chicago-based Getco in 1999. The firm helped pioneer the use of computers to buy and sell stocks, futures and other assets. Getco bought Knight Capital Group Inc. in 2012, transforming the company from a proprietary trader buying and selling with its own money, into a broker-dealer with clients.
Sophie Sohn, a spokeswoman for KCG, did not return a phone call and email request for comment.