Cinnober chief to step down following Nasdaq takeover

Peter Lenardos to leave company after six months as chief executive following the closure of Nasdaq’s takeover.

The chief executive of Cinnober has announced he is to leave the company after the closure of Nasdaq’s acquisition of the Swedish exchange and clearing technology provider.

Peter Lenardos joined Cinnober in April last year as a senior financial advisor, before stepping up to the role of chief financial officer in June. In August, Lenardos was promoted to chief executive officer following the departure of Veronica Augustsson, who had previously led the firm since 2012.

Prior to joining Cinnober, Lenardos spent almost seven years with RBC Capital Markets, with previous roles at Arden Partners, North Square Capital and Churchill Capital.

Writing on LinkedIn, Lenardos said: “During my time at Cinnober, while my title changed three times (from Senior Financial Advisor to CFO to CEO), my commitment and determination remained constant. My tenure as Cinnober’s CEO has been an eventful one!

“Working in our three offices, visiting our clients around the world, and pursuing new business opportunities allowed me to take 72 flights and fly 115,773 miles (4.65x around the world in just 203 days!). It has been worth it, and the results we produced as a team speak for themselves.”

Cinnober shareholders accepted a revised $220 million acquisition offer made by Nasdaq in late December.

Nasdaq increased its initial bid of $190 million, SEK 75 per share and SEK 85 per warrant, made in September to $220 million, SEK 87 per share and SEK 121 per warrant, after failing to win over enough of Cinnober’s shareholders. The deal closed in February.