KCG Holdings is starting the year with a new Chief Financial Officer (CFO) in the face of Steffen Parratt after Steven Bisgay left the firm last September, followed by a material restructuring which cost the company $5-6 million after it had slashed 4% of its workforce.
Steffen Parratt will take the helm from Sean Galvin who was appointed by KCG Holdings as interim CFO, following the departure of Bisgay. Mr Galvin will return to his role as Chief Accounting Officer.
Mr. Parratt has been a financial industry and technology industry insider for the past couple of decades, bringing his expertise focused on business development and strategy. Prior to joining KCG Holdings, he engaged in entrepreneurship looking at privately owned software startups.
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Mr. Parratt helped launch ventures in finance, management and strategy focusing on developing software products.
Before that he served as Managing Director at Bank of America Merrill Lynch, where he was responsible for the integration of Merrill Lynch, U.S. Trust and the legacy Bank of America wealth business. His heavyweight banking experience doesn’t end there, as Mr. Parratt spent more than a decade at Citigroup Inc. as Managing Director.
Commenting on Mr. Parratt’s appointment, Daniel Coleman, KCG’s Chief Executive Officer said, “Steffen’s unique skillset at the intersection of finance, strategy and technology will be instrumental beyond the boundaries of a traditional financial services officer – he will also influence KCG’s business, balancing strategic initiatives with detail oriented and efficient processes.”