Also Announces Accelerated Release of Second Quarter 2015 Earnings
NEW YORK, Aug. 03, 2015 (GLOBE NEWSWIRE) -- ITG (NYSE:ITG), a leading independent execution broker and research provider, today announced that it has replaced Bob Gasser as its chief executive officer with Jarrett Lilien, a member of the ITG board and the former president and chief operating officer of E*TRADE Financial, effective immediately.
Maureen O’Hara, chairman of the board of ITG, said “We are very pleased that Jarrett has agreed to serve as interim CEO while we consider our options for a permanent CEO. With Jarrett and the remainder of the executive team we are in capable hands as we seek to ensure a smooth management transition.”
ITG also announced that Associate General Counsel Angélique DeSanto has been named General Counsel.
SEC Potential Settlement Update
Ms. O’Hara also provided an update on last week’s announcement of the potential settlement with the Staff of the SEC Enforcement Division in connection with the SEC’s investigation into a proprietary trading pilot program at an ITG subsidiary, noting that the potential settlement remains in process. In addition, she said that “The board of directors, with the assistance of outside counsel, concluded its independent review of the SEC matter at the end of last week. We hope to expeditiously finalize the settlement and to work with our customers, shareholders and employees to restore confidence in our company and its capabilities.”
Second Quarter 2015 Earnings and Earnings Call Accelerated
ITG will issue a press release with final second quarter results after the market close on Monday, August 3, 2015, and will provide more details during an earnings call on Tuesday, August 4, 2015, at 8:30 am ET. Those wishing to listen to the call should dial 1-877-317-6789 (1-412-317-6789 outside the U.S.) at least 15 minutes prior to the start of the call to ensure connection. The webcast and accompanying slideshow presentation will be available on ITG’s website at investor.itg.com. For those unable to listen to the live broadcast of the call, a replay will be available for one week by dialing 1-877-344-7529 (1-412-317-0088 outside the U.S.) and entering conference number 10069526. The replay will be available starting approximately one hour after the completion of the conference call.
ITG is an independent execution broker and research provider that partners with global portfolio managers and traders to provide unique data-driven insights throughout the investment process. From investment decision through settlement, ITG helps clients understand market trends, improve performance, mitigate risk and navigate increasingly complex markets. ITG is headquartered in New York with offices in North America, Europe, and Asia Pacific. For more information, please visit www.itg.com.
ITG Forward Looking Statements
In addition to historical information, this press release may contain "forward-looking" statements that reflect management’s expectations for the future. A variety of important factors could cause results to differ materially from such statements. Certain of these factors are noted throughout ITG’s 2014 Annual Report on Form 10-K, and its Form 10-Qs (as amended, if applicable) and include, but are not limited to, general economic, business, credit and financial market conditions, both internationally and nationally, financial market volatility, fluctuations in market trading volumes, effects of inflation, adverse changes or volatility in interest rates, fluctuations in foreign exchange rates, evolving industry regulations and increased regulatory scrutiny, the ultimate resolution of the SEC’s AlterNet investigation and any customer or shareholder actions resulting from the matter or the underlying circumstances, the volatility of our stock price, changes in tax policy or accounting rules, the actions of both current and potential new competitors, changes in commission pricing, rapid changes in technology, errors or malfunctions in our systems or technology, cash flows into or redemptions from equity mutual funds, ability to meet liquidity and regulatory capital requirements of our business, customer trading patterns, the success of our products and service offerings, our ability to continue to innovate and meet the demands of our customers for new or enhanced products, our ability to successfully integrate acquired companies and our ability to attract and retain talented employees. In addition, if ITG does not reach final settlement on the SEC’s AlterNet investigation on the expected terms or if the necessary approvals do not occur, ITG may either enter into further discussions with the SEC to resolve such matter on different terms and conditions or ITG may litigate the matter. ITG cannot predict the timing of any such further discussions and or the terms of such alternative settlement. If ITG does not reach a settlement with the SEC, or if the necessary approvals do not occur, ITG cannot predict the outcome of any subsequent litigation with the SEC, but such litigation could have a material adverse effect on ITG’s consolidated financial position or on the results of operations for any particular period. The forward-looking statements included herein represent ITG’s views as of the date of this release. ITG undertakes no obligation to revise or update publicly any forward-looking statement for any reason unless required by law.
ITG Media/Investor Contact:
Investment Technology Group Inc.