In a move that surprised market watchers, the Nasdaq Stock market named Robert Greifeld, executive vice president of SunGuard Data Systems, as CEO of the exchange. He will replace Hardwick “Wick” Simmons, who left in December.
The exchange also named H. Furlong Baldwin as chairman. He retired in March as the chairman of Mercantile Bankshares Corp.
The firm – the largest electronic exchange in the world – is under tremendous pressure to get a new CEO to deal with a slew of crises in the world of trading. Among those: the exchange’s much delayed initial stock offering, plummeting market share, competition with other electronic exchanges (ECNs) and decimalization, which has put pressure on trading profits. The firm has been in discussions with rival firms to boost trading volumes, including Chicago-based Archipelago.
Griefeld is “a leading figure in the industry,” says one major market maker on the Nasdaq. “He’s been key in advancing technological solutions for the industry.”