Stacey Cunningham has been chosen as the next president of NYSE Group.
Stacey Cunningham, president, NYSE Group
While the New York Stock Exchange (NYSE) has been known for breaking records as far as volumes, the trading venue just broke a glass ceiling for women on Wall Street.
Officials at the Intercontinental Exchange, Inc. (ICE), NYSE’s owner, report that Stacey Cunningham, currently the chief operating officer (COO) for NYSE, will become the next president of NYSE Group on May 25, marking the first time a woman has held that post.
Cunningham, who will become the 67th president of the 226-year-old exchange, will succeed Thomas Farley, who became president in 2014, officials say.
The new post for Cunningham is a long way from her start as a floor clerk on the NYSE trading floor in 1996.
In her capacity as COO, Cunningham oversaw the equities, equities derivatives and exchange-traded products businesses of NYSE and other equity and equity options exchanges that are wholly owned subsidiaries of ICE. She was responsible for the product management, sales, and strategy of NYSE’s three equity markets and two options markets.
Before her appointment to COO, Cunningham served as president of NYSE Governance Services, which is a provider of governance, compliance, and education solutions for companies and their boards. She also served as head of sales and relationship management at NYSE.
Her time before NYSE included senior positions at the Nasdaq Stock Market. She began her career on the NYSE trading floor when she worked as a specialist for Bank of America Securities.
As Cunningham moves up, John Tuttle, NYSE’s Global Head of Listings, will take on the COO position, officials say. Tuttle joined the NYSE in 2007. Tuttle’s promotion will also take effect on May 25, officials say.
“More than a half century after Muriel Siebert became the first woman to own a seat on the NYSE, Stacey represents a new generation of leadership for the NYSE Group,” says Jeff Sprecher, chairman and CEO of Intercontinental Exchange and chairman of NYSE Group and the New York Stock Exchange, in a prepared statement. “I’m confident that Stacey, who started as a summer intern on the NYSE floor in 1994, will continue to propel this vital institution forward.”
Farley joined ICE 11 years ago as president and COO of ICE Futures U.S. (previously known as the New York Board of Trade) and joined the NYSE in 2013 when ICE acquired NYSE Euronext, officials say. He played a key role in transforming and integrating the NYSE and New York Board of Trade, Sprecher adds. After Farley steps down, he will become the CEO of a special purpose acquisition company.
The NYSE Group consists of NYSE, NYSE American, NYSE Arca, NYSE Arca Options and NYSE Amex Options
ICE operates exchanges, clearinghouses and provides information services and connectivity for “virtually all asset classes,” officials say.
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