Trading technology provider Itiviti announced on Thursday that Torben Munch, the company’s Chief Executive Officer (CEO), will be stepping down at the end of this year.
“Under Torben Munch’s adept leadership, Itiviti has evolved from a diverse group of companies into a global, full-service technology and infrastructure provider for the capital markets,” said Per E. Larsson, Chairman of the Board, Itiviti. “We credit Torben with building a strong team and developing a solid, coherent offering aligned with market requirements and customer needs.
Richard Bentley, Itiviti’s Chief Product Officer, has been appointed Interim CEO – a position he will take up on January 1st, after Munch’s departure. Bentley joined ULLINK, which was acquired by Itiviti last year, in 2014.
“During the recent, intensive phase of integration, I have come to appreciate the size of the opportunity available to the new Itiviti and the pool of highly talented people we have in the company to help capture it,” said Bentley. “I am committed to harnessing our collective capabilities to deliver on our strategy and serve our outstanding customers with the solutions and support they require.
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On the hunt for the next Itiviti CEO
Bentley is not, however, going to be staying in his new position permanently. According to a statement released by Itiviti on Thursday, the trading technology provider’s Board of Directors is already looking for a replacement for Munch.
The outgoing CEO has been with Itiviti for just under three years. He joined the company in early 2016 and has overseen some major changes in his time at the helm.
Most notably, he oversaw the aforementioned acquisition of ULLINK, a deal that set Itiviti back $650 million, and subsequent integration of the trading software company into Itiviti’s operations.
Munch’s next move is unclear, but he is unlikely to be short of options. The ex-CEO has over 20 years of experience in the financial services industry.