Knight Capital Moves Ahead with C-Level Shakeup

Tom Joyce, Knight CEO

Following electronic market maker Knight Capital's near-collapse this summer, expected changes have arrived as new executives will now be in chief operations, risk, and technology roles.

Executive vice president and CFO Steven Bisgay headlines the changes as he takes over as COO immediately. Bisgay, who has been with the firm since 2001, will now oversee all aspects of the firm's financial and operational aspects, including technology.

"Steve is a proven talent with expansive knowledge of Knight's operations and tremendous respect from colleagues. After careful consideration, we concluded it was best to consolidate responsibility for all financial, operational and technology risk under a single executive," says Tom Joyce, chairman and CEO at Knight Capital Group.

Brian Strauss, a managing director, has meanwhile been promoted to the newly created position of chief risk officer with global responsibility for credit, market, and operational risk management. Joining Knight in 2009, Strauss helped build out the firm's credit control infrastructure after being named chief credit officer in 2010. He will report to Bisgay.

Finally, Steven Sadoff, executive vice president responsible for operations and technology, is moving to a new role building out Knight's correspondent clearing, prime brokerage, and futures business. Knight has initiated a search for a new CTO, with managing director Michael Tobin fulfilling those duties in the interim.

The bevy of moves follows an announcement in late August of the appointment of three new board members, representing the firms that funded a rescue package for Knight.

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