Agency broker ITG has announced its CEO Bob Gasser has been replaced by Jarrett Lilien, a member of the ITG board.
The firm did not give a reason for the abrupt departure of Gasser, who has led the business since 2006.
Maureen O’Hara, chairman of the board of ITG, said: “We are very pleased that Jarrett has agreed to serve as interim CEO while we consider our options for a permanent CEO. With Jarrett and the remainder of the executive team we are in capable hands as we seek to ensure a smooth management transition.”
Last week, ITG announced it was close to reaching a settlement with the US Securities and Exchange Commission (SEC) which could lead to it paying a fine of over $20 million relating to its dark pool, the largest such penalty yet levied on a US trading venue.
Commenting on the settlement, O’Hara added: “The board of directors, with the assistance of outside counsel, concluded its independent review of the SEC matter at the end of last week. We hope to expeditiously finalise the settlement and to work with our customers, shareholders and employees to restore confidence in our company and its capabilities.”
The firm will announce its Q2 results after market close today an will hold an earnings call tomorrow morning.
Gasser joined ITG as CEO in 2006 from NYFIX, where he was also CEO. He has also held positions at JP Morgan, Nasdaq and NYSE.