ITG Replaces CEO Gasser with Lilien, Discusses SEC Settlement
Jarrett Lilien, a member of the ITG board, will serve as interim CEO.
"We are very pleased that Jarrett has agreed to serve as interim CEO while we consider our options for a permanent CEO," said Maureen O'Hara, chairman of the board of ITG, in a statement. "With Jarrett and the remainder of the executive team we are in capable hands as we seek to ensure a smooth management transition."
Angélique DeSanto, formerly associate general counsel, was named general counsel.
ITG is in the midst of finalizing a potential settlement with the US Securities and Exchange Commission (SEC) Enforcement Division regarding a proprietary trading pilot program at an ITG subsidiary.
In ITG's preliminary Q2 earnings guidance report released last week, the firm stated it was keeping a reserve of $22.6 million pre-tax for a probable settlement with the SEC.
O'Hara provided an update on the process of the settlement as part of the announcement of Gasser's removal.
"The board of directors, with the assistance of outside counsel, concluded its independent review of the SEC matter at the end of last week," said O'Hara in a statement. "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."
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