In a move that startled the listed derivatives markets the world's largest futures broker, MF Global, announced that Jon Corzine would replace Bernie Dan as its CEO.
Dan has "resigned from MF Global as CEO and as a director
for personal reasons," the company declared at about 3.30pm New
York time on Tuesday March 23.
The move, which takes effect immediately, is surprising
because Dan had only been in the post since October 2008. He
had been appointed by MF Global with high hopes that he would
restore its fortunes after a wheat trading scandal under the
previous regime of long time CEO Kevin Davis.
Dan had joined the company as North American COO in June
2008, was promoted in September to president and COO and then
became CEO when Davis resigned in October.
Dan is one of the most prominent figures in the US futures
industry, having been CEO of the Chicago Board of Trade at the
time when it merged with Chicago Mercantile Exchange. Before
that, he had a long career with Cargill Investor Services,
rising to be its CEO. Dan is widely respected in the market as
an able and astute leader.
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