Knight Capital Group, Inc. (NYSE Euronext: KCG) today announced that Executive Vice President and Chief Financial Officer Steven Bisgay has added responsibility as Chief Operating Officer, effective immediately.
Mr. Bisgay joined Knight in June 2001 and was named Chief Financial Officer in August 2007. During his tenure at the firm, Mr. Bisgay has overseen the development of Knight's financial infrastructure, acquisitions of numerous businesses, establishment of internal audit and enhancement of reporting functions. Going forward he is responsible for all financial and operational aspects of the firm, including accounting, finance, treasury, risk management, operations, technology, human resources, business development and investor relations.
"Steve is a proven talent with expansive knowledge of Knight's operations and tremendous respect from colleagues," said Tom Joyce, Chairman and Chief Executive Officer, Knight Capital Group. "After careful consideration, we concluded it was best to consolidate responsibility for all financial, operational and technology risk under a single executive."
Mr. Joyce added, "I'm pleased with the work to date to fine-tune processes and realign resources. As a result of the efforts, I believe Knight is better situated to pursue growth from a stronger foundation."
Knight also announced that Managing Director Brian Strauss was promoted to the newly-created position of Chief Risk Officer with global responsibility for credit, market and operational risk management. Mr. Strauss joined Knight in August 2009 and was named Chief Credit Officer in October 2010. In that role, he oversaw the buildout and enhancement of the firm's credit control infrastructure. He will report to Mr. Bisgay.
"Brian brings a disciplined approach to risk management that speaks to the depth of his experience," said Mr. Bisgay. "He is highly regarded within the capital markets risk community. Since joining Knight, he's made a clear impact through building an effective team, instituting global risk management systems and advancing the firm's handling of credit risk."
As part of a continuing review of technology operations, Knight has initiated an internal and external search for a Chief Technology Officer to report to Mr. Bisgay. During the search process, Managing Director Michael Tobin, a 12-year veteran of Knight, will serve as interim CTO. Knight has also begun an external search for an Operational and Technology Risk Manager to report to Mr. Strauss.
In addition, Executive Vice President Steven Sadoff will transition to building the firm's correspondent clearing, prime brokerage and futures businesses from overseeing operations, services and technology.
"Steven Sadoff has led several critical initiatives at Knight including the buildout of Knight's trading floor technology, networking infrastructure and clearing operations," said Mr. Joyce. "I'm excited about Knight's clearing-focused initiatives, which I've asked Steve to lead, as they leverage Knight's execution capabilities to expand our client offering."
