In other People Moves, the EDM Council has a new managing director, the SEC names a key deputy director, Integral appoints a chief revenue officer, and CQG makes top changes ahead of China launch.
LSEG Shareholder Upsets Previously Announced Succession Plan
Xavier Rolet, ex-CEO, LSEG
Xavier Rolet stepped down as CEO of the London Stock Exchange Group (LSEG) on Nov. 29 “with immediate effect,” reports the LSEG board, following a controversial move by a key LSEG shareholder.
Rolet’s temporary replacement is David Warren, current chief financial officer (CFO) for the LSEG, who will “assume the additional role of Interim CEO until a successor is appointed,” officials say.
Warren has served as CFO “for the past five years, and is an integral leader of the team that has successfully executed the Company’s strategy during this period, including strategic acquisitions,” LSEG officials add. Before his time at LSEG, Warren served as Nasdaq’s CFO for nine years.
The sudden exit runs counter to the succession plan that the LSEG announced on Oct. 19, 2017, which specified that there would be a transition process to find a successor to Rolet, and that he would leave the CEO post by the end of December 2018. “The Board believed, and continues to believe, this was in the best interests of the Company,” according to the latest statement.
However, on Nov. 9, major LSEG investor the Children’s Investment Master Fund (TCI), a hedge fund that owns five percent of the LSEG, called for the LSEG Chairman and Director Donald Brydon to be removed and for Rolet to be kept. TCI officials “sent a requisition for a general meeting and proposed two resolutions related to the continued tenure of Donald Brydon as Chairman and Xavier Rolet as CEO,” according to the LSEG.
After the TCI request, Brydon “indicated that he will not stand for re-election at the annual general meeting of LSEG in 2019, as he and the Board believe that at that point it would be in shareholders’ interests to have a new team at the helm to steer the future progress of the Company,” according to the LSEG.
“The Board is confident LSEG will continue to prosper with David Warren as Interim CEO and the existing strong management team,” Brydon says in a statement. “They have deep knowledge of LSEG’s business and helped shape, lead and execute its strategies. They are already working towards LSEG’s current three year financial targets. I look forward to working with David and his team. We acknowledge, as I said last month, Xavier’s immense — indeed transformative — contribution to the business.”
Despite the outcome of the shareholder action, Rolet will not ever return as CEO or as a director for the LSEG, say LSEG officials, who add that the LSEG will be honoring its contractual commitments to him. “The FCA and the Bank of England were kept informed from late September 2017 on the succession planning process, and have also been kept up to date in the period leading up to the publication of this announcement,” the LSEG adds.
“Since the announcement of my future departure on 19 October, there has been a great deal of unwelcome publicity, which has not been helpful to the Company,” Rolet says in a statement. “At the request of the Board, I have agreed to step down as CEO with immediate effect. I will not be returning to the office of CEO or director under any circumstances. I am proud of what we have achieved during the past eight and a half years.”
The struggle between the LSEG and TCI appears to be ongoing and was not resolved by FTF News’ deadline.
EDM Council Makes John Bottega Interim MD, Replacing Michael Atkin
John Bottega, interim MD, EDM Council
The Enterprise Data Management Council (EDM Council) is making changes at the top with the appointment of John Bottega as interim managing director, “taking over from Mike Atkin, who recently made the decision to focus full time on advancing the EDM Council’s research and education initiatives,” officials say.
For the future, Atkin will continue as a “key council contributor focusing on research and education,” officials add.
Bottega’s “mandate will be to further accelerate growth of the Council’s member base and promote its industry initiatives globally,” according to the EDM Council. His time at the organization began as an industry contributor in 2005 and he advanced to serve as chairman from 2007 to 2014.
Bottega joined the council’s executive team as a senior sdvisor in 2014, “bringing more than 30 years’ experience as a data management practitioner, most recently serving as chief data officer (CDO) for Bank of America, and previously with the Federal Reserve Bank of New York and Citi,” officials say.
The new MD’s appointment comes as global membership “has doubled in size over the last three years now surpassing 200 organizations and 7000 professionals — including leading banks, asset management firms, vendors, consultancies and regulators,” officials say. “Furthermore, industry adoption of its Data Management Capability Assessment Model (DCAM) has accelerated and the Financial Industry Business Ontology (FIBO) standard is moving into full production.”
Atkin scored “an industry first by teaching a data management course at Columbia University,” officials say. “He has served in a leadership capacity for the council since it was formed in 2005. During that time, he has helped shape much of today’s data management agenda through the Council’s research, promotion of industry best practices and advocacy of content and information standards.”
The EDM Council is a 501(c)(6) non-profit trade association created to elevate the practice of data management as a business priority, and has more than 200 global member companies and 7,000 professionals.
SEC Names Deputy Director for Investment Management
The SEC, continuing to add staff, reports that Paul G. Cellupica has been named deputy director of the agency’s division of investment management.
His mandate is to “oversee a number of the division’s strategic, rulemaking, and industry engagement initiatives,” according to a commission statement, which notes that he will also serve as a senior advisor to Dalia Blass, the SEC director.
Cellupica most recently was managing director and general counsel for securities law at Teachers Insurance and Annuity Association of America (TIAA), where his responsibilities included legal support for the TIAA-CREF mutual fund complex, the SEC says. “Prior to that he was Chief Counsel for the Americas at MetLife, Inc., where he had responsibility for legal support of MetLife’s financial services businesses in the U.S. and Latin America.”
Previously, Cellupica was at the SEC between 1996 and 2004, per the statement, “in a number of capacities in the Division of Investment Management and the Division of Enforcement, including as Assistant Director in the Division of Investment Management from 2001 to 2004.”
Integral Appoints Chief Revenue Officer
Vikas Srivastava, CRO, Integral
Integral, the financial technology company specializing in cloud-based workflow management and execution, reports the appointment of Vikas Srivastava as chief revenue officer (CRO).
Srivastava’s mandate in this newly created post includes “growing company revenues across all client segments including banks, brokers, and asset managers.”
Srivastava joined Integral in 2010 as the “Global Head of Business Development responsible for strategic partner relationships and product innovation. Srivastava has also overseen Integral’s regulatory initiatives related to the Dodd-Frank Wall Street Reform and most recently MiFID II,” according to the statement.
Prior to joining Integral, Srivastava was founder and CEO of Cogence Capital, a quantitative trading company, the firm notes.
CQG Makes Top Changes Ahead of China Launch
CQG, a Denver-based provider of financial data and analytics, reports that Rod Giffen, president, CQG, has relocated to China and will assume the newly created post of president, CQG APAC, as the Asia-Pacific region is known, while Ryan Moroney will return to CQG to assume the newly created post of president, CQG Europe and the Americas.
In a statement, CQG associates the two appointments with a “focused effort to add China to its global network of data and execution.”
Moroney, who will re-join the firm in December, began his career in 2003 as a member of CQG’s data quality group. “During his 11 years at CQG, he helped build CQG’s API business,” the vendor says, adding that he “left CQG to pursue an opportunity at S&P Capital IQ, where he currently serves as Vice President of Sales to S&P’s Corporates Segment in the Americas.”
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