ITG (NYSE:ITG), a leading independent execution broker and research provider, today announced that it has replaced Bob Gasser as its chief executive officer with Jarrett Lilien, a member of the ITG board and the former president and chief operating officer of E*TRADE Financial, effective immediately.
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.”
ITG also announced that Associate General Counsel Angélique DeSanto has been named General Counsel.
SEC Potential Settlement Update
Ms. O’Hara also provided an update on last week’s announcement of the potential settlement with the Staff of the SEC Enforcement Division in connection with the SEC’s investigation into a proprietary trading pilot program at an ITG subsidiary, noting that the potential settlement remains in process. In addition, she said that “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 finalize the settlement and to work with our customers, shareholders and employees to restore confidence in our company and its capabilities.”
Second Quarter 2015 Earnings and Earnings Call Accelerated
ITG will issue a press release with final second quarter results after the market close on Monday, August 3, 2015, and will provide more details during an earnings call on Tuesday, August 4, 2015, at 8:30 am ET. Those wishing to listen to the call should dial 1-877-317-6789 (1-412-317-6789 outside the U.S.) at least 15 minutes prior to the start of the call to ensure connection. The webcast and accompanying slideshow presentation will be available on ITG’s website at investor.itg.com. For those unable to listen to the live broadcast of the call, a replay will be available for one week by dialing 1-877-344-7529 (1-412-317-0088 outside the U.S.) and entering conference number 10069526. The replay will be available starting approximately one hour after the completion of the conference call.