Knight Capital's CEO Tom Joyce Quits

tom joyce

Knight Capital’s Chairman/CEO Tom Joyce sent an email out this morning saying that he has resigned.

Here’s the email obtained by Business Insider:

To the KCG Board of Directors:

Over the course of the last eleven years, I have been fortunate to be the CEO of Knight Capital Group. Together we achieved a wide variety of the business goals we had established. With the transaction with GETCO completed, and after careful consideration, I have decided that now is the right time for me to resign as Executive Chairman and leave the organisation.

 As you know, it was my recommendation to the Board that Knight remain independent. That said, I remain confident that, once the issue of independence was taken off the table, the merger with GETCO was the best alternative available to Knight shareholders and other key stakeholders – including clients and employees.

I take great pride in the fact that “legacy Knight” is operating so well as it moves into KCG Holdings. And I am gratified that the values at the core of Knight’s DNA – client service, integrity and maintaining the highest standard of business ethics – will continue to be core values of KCG going forward. Our business success is dependent upon relationships built on trust, and it is due to the committed and hardworking employees of Knight that our company has been successful through the years.   Similarly, it has been an honour to work closely with Knight’s clients.  They have been remarkably loyal to the firm and have been rewarded with consistently outstanding market making, institutional sales and trading, and electronic execution services.

I wish my fellow directors and KCG’s employees every success as they move forward.

All the best,

Tom Joyce

Fox Business News’ senior correspondent Charlie Gasparino is also reporting this on Twitter.

Knight Capital’s merger with Getco was just completed a couple days ago. Last summer, Knight Capital lost $400 million due to a trading glitch in one of its programs.

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