Resignation of the president and the president of the NYSE

The New York Stock Exchange (NYSE) has announced that Stacey Cunningham will step down as President on January 3, 2022. She will be replaced by Lynn Martin, President of Fixed Income and Data Services at the Intercontinental Exchange Inc. (ICE ), the parent company of the NYSE. Cunningham will join the NYSE board of directors.

Cunningham has been president of the NYSE since 2018 and has spent a total of nine years with the organization. In a related development, Jefffrey Sprecher announced that he will step down as chairman of the NYSE, to be replaced by Sharon Bowen, a former federal securities regulator. Sprecher is the Founder, President and CEO of ICE.

Key points to remember

  • The president and the president of the NYSE step down.
  • The NYSE has followed the NASDAQ in the value of IPOs, and its share of stock trades has declined.
  • Lynn Martin, who heads fixed income and data services for Intercontinental Exchange, the parent company of NYSE, will take over as NYSE chair on January 3, 2021.
  • Sharon Bowen, a former federal securities regulator, will be the new president of the NYSE.

Possible motivation

The Cunningham announcement came just hours after a report said the NYSE was behind NASDAQ for the third year in a row on Initial Public Offerings (IPOs). NASDAQ-listed IPOs have raised $ 191 billion so far in 2021, while NYSE-listed IPOs have raised $ 109 billion, according to Dealogic. Additionally, the share of U.S. stock trades executed on the NYSE fell to 19% in 2021 from 24% in 2019.

A press release from Jeffrey Sprecher also detailed other management changes. It did not fix the performance issues mentioned above. Instead, he wrote, in part: “And as times change, ICE evolves with it… As organizations everywhere adapt to a world transformed by the pandemic, our leadership team evolves with it. market environment. I’m not going anywhere, but for many years we have worked to develop the next generation of ICE leaders who will bring the energy and experience to drive our success in the future. good governance and management of our company. “

About Lynn Martin

Lynn Martin is President of Fixed Income & Data Services at ICE, managing its global data and fixed income businesses, including ICE bond execution sites, pricing and analytics, benchmarks, indices, desktop solutions, consolidated feeds and connectivity services that cover all major asset classes. Prior to that, she held various other positions at ICE and the NYSE.

Martin holds a Bachelor of Science in Computer Science from Manhattan College and a Master of Arts in Statistics from Columbia University. Martin started his career at International Business Machines Corporation (IBM), primarily as a project manager in the financial services practice.

About Sharon Bowen

Sharon Bowen has been a member of the ICE Board of Directors since December 2017. She has over 35 years of regulatory, securities and public policy experience. From 2014 to 2017, she was Commissioner of the United States Commodity Futures Trading Commission (CFTC), during which time she was a sponsor of the CFTC Market Risk Advisory Committee. Previously, Bowen was Vice President of the Securities Investor Protection Corporation (SIPC) from 2010 to 2012, becoming Interim President in 2012.

Bowen received a Bachelor of Arts in Economics from the University of Virginia, a Master of Business Administration (MBA) from the Kellogg School of Management at Northwestern University, and a Juris Doctor (JD) from the Pritzker School of Law at the Northwestern University. Prior to joining the CFTC in 2014, she was a partner in the New York office of the law firm Latham & Watkins LLP.

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