UPDATE 1-Nasdaq"s No. 2 executive to leave company -sources
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By Jessica Toonkel and John McCrank
NEW YORK Nov 25 (Reuters) – Nasdaq OMX Group Inc executive Eric Noll, the exchange operator’s top internal candidate to replace Chief Executive Robert Greifeld, is leaving to take a job in private equity, according to sources with knowledge of the matter.
A spokesman for Nasdaq declined to comment. Noll did not immediately return calls.
Fox Business Network reported earlier on Monday that Noll, who heads execution services at Nasdaq, was leaving the company.
An announcement is expected on the matter after the market close. The sources wished to remain anonymous because they are not permitted to speak to the media.
Tom Wittman, a former president of the Nasdaq OMX PHLX options market and who now manages all of Nasdaq’s products and pricing for U.S. equities and derivatives, is likely to fill Noll’s position, said the two sources, who were not allowed to speak with the media.
Brian Hyndman, senior vice president of global data products at Nasdaq, could also be considered for the role, one of the people said.
The departure of Noll, who masterminded the exchange operator’s $ 750 million purchase of electronic Treasuries-trading platform eSpeed that closed in July, leaves a hole in Nasdaq’s succession planning process.
Nasdaq’s board and its executives have been working on succession planning with some urgency since early 2011 when Adena Friedman, then chief financial officer, left to go to private equity firm Carlyle Group LP.
Greifeld had been positioning Friedman as his successor, and her departure put a spotlight on the lack of depth in the management bench.
There are a host of external candidates for the top job at Nasdaq, Friedman included, though Greifeld has no immediate plans to leave the company, sources told Reuters in September.
Besides Friedman, external candidates on the list include Xavier Rolet, CEO of the London Stock Exchange ; Magnus Bocker, CEO of the Singapore Exchange Ltd ; Craig Donohue, former CEO of CME Group Inc who is taking a job at OCC, the clearinghouse for all U.S. stock options; Tom Kloet, CEO of Canada’s TMX Group Ltd ; and Chris Concannon, formerly of Nasdaq and now a partner at trading firm Virtu Financial.
Noll, an expert on market structure and former Susquehanna International Group executive, was hired by Nasdaq to replace Concannon a little more than four years ago.
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