GFI Group president Colin Heffron will assume responsibility as CEO, effective immediately. A company spokesperson says Heffron was being groomed to take over the role.
Predecessor Michael Gooch will remain executive chairman of the board, focusing on the broad strategic direction of the New York-based brokerage and service provider.
"In his 25 years with the company, Colin has succeeded in every role and executive capacity he has undertaken and has demonstrated extraordinary leadership as Group president," Gooch says. "His appointment as CEO reflects the breadth of his responsibilities at GFI and stature within the industry."
Heffron joined GFI in 1988 as a broker of foreign currency options in New York, before moving to London to assist in the establishment of an office there. He later headed the Group's currency options business and, from 1994 until 1997, ran the day-today operations of all GFI's European businesses. From 1998-2004, he was head of all operations in Europe and joint-head of Asian operations. In February 2004, he was appointed president.
He is also chairman of the board of directors of Trayport, a subsidiary of GFI that supplies trading platforms, mostly for the commodities markets.