André F.H. Villeneuve, Chairman of Instinet's Board of Directors, said, "We wish to thank Doug for his many years of excellent and dedicated service to Instinet and for the immense contribution he has made to growing the Company's business. His extraordinary vision and knowledge have helped place Instinet at the forefront of U.S. and international securities markets, and his positive influence on making markets more efficient has benefited investors globally. The Board is committed to ensuring that Instinet continues to build on that leading position. Our priorities are to deliver enhanced performance to our customers, execute on our plan to improve profitability and play an important role in the ongoing development of the securities markets."
Mark Nienstedt, currently Chief Financial Officer, has been appointed to serve as acting President and Chief Executive Officer. Jean-Marc Bouhelier, currently Executive Vice President in charge of Instinet's U.S. Institutional and Professional Business, has been appointed Chief Operating Officer. Mr. Villeneuve added, "Mark Nienstedt and Jean-Marc Bouhelier are capable leaders with substantial industry experience. With the full backing of the Board, they will head ongoing efforts to build Instinet's business and improve the Company's profitability."
"I have enjoyed immensely my time at Instinet but I want to move on and focus on other interests including my Board position at ClickIQ, Incorporated," said Atkin. "I applaud the entire Instinet team for developing the company from a small up-start into its leadership position in the global brokerage and ECN business. I have tremendous confidence that, under Mark and Jean-Marc's leadership, Instinet's position will only get stronger."
Kenneth K. Marshall, Chief Operating Officer, has decided to use this opportunity to retire. However, at the request of the Chairman, Mr. Marshall has agreed to serve until year-end as a special consultant to the Board and Mr. Nienstedt. "We are pleased that we will continue to benefit from Ken Marshall's experience during his consultancy period," said Villeneuve.
Mark Nienstedt has been Executive Vice President and Chief Financial Officer since 1999. Beginning in 1995, he was Chief Operating Officer of Instinet International Limited, based in London. Mr. Nienstedt joined Instinet in 1985. Prior to joining Instinet in June 2000, Jean-Marc Bouhelier was Global Equity Chief Technology Officer at Merrill Lynch. He has held a variety of senior management positions in New York, London and Paris.
Acting at a special meeting today, the Board appointed a committee to assist with the management transition. Chaired by Mr. Villeneuve, the committee will include Board members Jack Bogle and Ian Strachan. Mr. Bogle serves as an independent Director of Instinet and is President of the Bogle Financial Markets Research Center and founder of The Vanguard Group. He also serves as a Director of Nekema.com, Inc. Mr. Strachan is a member of Instinet's Board and chairs the Board's Compensation and Audit Committees. He has also been a Director of Reuters Group PLC since May 2000 and is a Director of Transocean Sedco Forex Inc., Harsco Corporation and Johnson Matthey plc.
As previously announced, Instinet will release first quarter 2002 earnings on April 18. Mark Nienstedt will host a conference call that day to discuss these results with the investment community.
