Massimo Capuano, deputy CEO of the London Stock Exchange group and CEO of Italian exchange Borsa Italiana, has resigned.
Raffaele Jerusalmi will take over as Borsa Italiana CEO in addition to his existing role as director of capital markets for the LSE group, but Capuano’s deputy CEO position, a remnant from LSE’s merger with Borsa Italiana in 2007, will not be filled.
While Capuano’s resignation took effect on 31 March, he has agreed to remain a board member of Borsa Italiana for a further four months.
Capuano became Borsa Italiana’s CEO in 1997 and led the exchange’s privatisation. Since the completion of Borsa Italiana’s merger with the LSE, he has overseen technology integration, post-trade development and regulatory and institutional affairs at group level.
Capuano’s group-level role was diminished in January when the LSE hired former Xtrakter CEO Kevin Milne to run its post-trade division, which Capuano had previously been responsible for.
“The board would like to offer its gratitude to Massimo for his years of service leading Borsa Italiana, and his role in the enlarged group following the merger,” said LSE chairman Chris Gibson-Smith, in a statement. “Massimo has been a great champion for the increased efficiency, competitiveness and internationalisation of the Italian marketplace, and the success of Borsa Italiana reflects his leadership.”
Jerusalmi joined Borsa Italiana in 1998 from Credit Suisse First Boston. He was the executive director of Borsa Italiana Group from 1998 to 2007, responsible for equities, derivatives and fixed income markets. Since the LSE/Borsa Italiana merger, Jerusalmi has been a member of the LSE group’s executive committee.