Michael Viola, a Board Member of Virtu Financial, will replace Robert Greifeld as the Chairman as the latter has resigned from the position, the electronic market maker disclosed on Friday. Greifeld has been the Chairman of Virtu Financial since July 2017.

Robert Greifeld Leaves Virtu Financial

In a statement released on Friday, Virtu Financial explained that Greifeld resigned to focus on other endeavors, including launching a tech-focused investment fund, Cornerstone FTM. In addition, the ex-Chairman will be taking up board roles in other financial and philanthropic organizations.

Viola, who will succeed Greifeld, joined the Virtu Financial Board in 2016. Until his selection to replace Greifeld, he served as the Chair of the firm’s Nominating and Corporate Governance Committee, which is a duty he took up in 2019.

Speaking about the development, Douglas Cifu, the CEO and Co-Founder of Virtu Financial, noted that Greifeld’s leadership has been “critical” to the company. “I look forward to Michael assuming the role of Chairman and continuing to build on our successes as a company,” Cifu said.

Also commenting on his exit from Virtu Financial, Greifeld expressed pleasure at working with the Management and Board of the company over the past six years, adding that he was optimistic about the future of the company.

“I will continue to serve as Chairman of USATF Foundation, the Cornerstone entities and Run Gum and as a Board Member of Financeware LLC, Capital ROCK LLC, and Runway Growth Finance,” said Greifeld.

Virtu Financial Sees Quarterly Jump in Revenue

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Greifeld’s exit as Chairman comes even as the business continues its efforts to maintain its financial strength. At the end of the first quarter of 2023, Virtual Financial posted an increase of 22.6% in its quarterly revenue although the revenue fell 12.9% when compared to the prior year period. In addition, the company also saw a decline of 43% in its net income in 2022.