ITG (NYSE:ITG), an independent execution broker and research provider, has secured the services of veteran, Lee Shavel, who joins the group’s Board of Directors with immediate effect.
The move follows on the heels of yesterday’s announcement that Mr. Shavel was parting ways with Nasdaq as its Chief Financial Officer (CFO) and Executive Vice President of Corporate Strategy since 2011. Despite the appointment at ITG however, he will remain in his role at Nasdaq, albeit in a transitional capacity until March 31, 2016.
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Mr. Shavel spent the better part of two decades at Bank of America Merrill Lynch (BAML), working in several senior roles, including its Americas Head of Financial Institutions Investment Banking, as well as its Global Chief Operating Officer and Head of Finance.
According to ITG Chairman Minder Cheng, in a recent comment on the appointment: “We are delighted to welcome Lee to the Board of Directors. He is well respected in our industry for his acumen as a public company CFO and has served as a trusted advisor in a number of landmark financial technology transactions. My colleagues and I look forward to working with him and benefiting from his insights.”
“I am honored to join the Board of ITG, a firm with strong product offerings, a robust balance sheet and a unique franchise in serving institutional investors. ITG is well positioned to reassert its leadership in financial technology and I look forward to working closely with ITG’s management and Board of Directors towards that goal,” added Mr. Shavel in an accompanying statement.
The appointment is the first move at ITG since October, when the group named Francis J. Troise as its Chief Executive Officer (CEO) and President. Mr. Troise joined ITG after a lengthy stint at several financial service providers. This included most recently his role at JPMorgan as its Managing Director and Head of Execution Services dating back to 2010.