According to an announcement made by BATS Global Markets (BATS), the acting president of the company will take over the chief executive officer position from Joe Ratterman effective March 31st, 2015.
According to the announcement, Mr. Concannon arrived at BATS as president in December 2014 with nearly 20 years of experience as an exchange executive, regulator and industry participant, and played a major role in the Hotspot FX acquisition announced January 16, 2015.
Mr. Concannon played a significant role in the bid made by BATS Global Markets to acquire Hotspot from KCG. The firm has extended its presence into FX after occupying the top spot as a stock market operator in Europe and being the second largest stock market operator in the US.
After serving for eight years, the retiring current CEO Joe Ratterman is going to assume the role of chairman of the BATS board, continuing to be involved in the company and facilitating Mr. Concannon’s leadership transition.
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“Being CEO during a time of impressive corporate growth and considerable industry change has been a great privilege and I’m grateful to the entire BATS team for their extraordinary efforts, and for the opportunity to have worked alongside them over the last 10 years. It’s truly been a remarkable time,” Mr. Ratterman commented in the announcement.
“We are at a unique point in our company history where we are experiencing high water marks in market share and profitability, and we are also poised for significant future growth and expansion globally,” he concluded.
Mr. Concannon said, “I came to BATS last year after getting to know the company as a competitor, customer and board member and immediately felt it was a great fit. It’s unique to become CEO of an organization with so many transformative opportunities on the horizon and I’m excited to build on the amazing track record assembled in such a short period of time. I look forward to great times ahead with my BATS colleagues as we grow together and expand our global presence,” he said.
A board member of BATS and Citibank’s head of equities, Dan Keegan, said “When Joe came to the board last year and suggested it was time to appoint his successor, we appreciated the thoughtful way he laid out a smooth and extended transition plan. He has always put the company first, and his recruitment of Chris is a great example.”
“During his time at BATS, Joe has set a high bar for the CEO role, and the board is confident that Chris is the right person to accept the challenge of raising that bar even higher. Chris’s history as an execution-minded leader, coupled with his uniquely varied market structure background and experience, make him an ideal fit for BATS, its employees, its customers and its shareholders,” he shared.