Snap Chairman Joins Zuckerberg in Strengthening IEX's Tech TiesBy
His addition comes as ‘Flash Boys’ exchange gears up for IPOs
Facebook CEO’s family office Iconiq Capital also backs IEX
IEX Group Inc., the U.S. stock exchange known for a role in the book “Flash Boys,” named Snap Inc. Chairman Michael Lynton to its board, deepening ties to Silicon Valley as it works to build a business listing public companies.
Lynton, 57, announced this year that he’d leave his job as chief executive officer of Sony Entertainment. He’s also a member of the Council on Foreign Relations, New York-based IEX said Wednesday in a statement. The exchange operator is backed by Iconiq Capital, a multifamily office which counts Facebook Inc. CEO Mark Zuckerberg as a client.
“His long track record of successfully leading public companies and his cutting-edge work with Snap Inc. makes him an ideal fit for IEX Group’s board as we plan the next steps of our growth,” IEX CEO Brad Katsuyama said about Lynton in the statement. “I am looking forward to working with Michael to execute on our mission to level the playing field in the financial markets and beyond.”
IEX gained fame with the publication of Michael Lewis’s 2014 book “Flash Boys,” which cast the firm’s leaders as heroes in a stock market rigged against small investors. The exchange is working to build a listing business to rival those of behemoths NYSE Group Inc. and Nasdaq Inc. The incumbents have a firm grip, with more than 2,000 listings apiece from companies around the world.
IEX is in listing talks with companies across many sectors, including technology, said Michael Russell, a spokesman. IEX launched in September last year and Russell said it may begin listing publicly traded companies as early as October.