From the Jan-Feb 2006 issue of Advanced Trading
Bob Gasser, most recently CEO of NYFIX Millennium and president of NYFIX Transaction Services, has been named CEO of parent company NYFIX Inc. Gasser replaces Peter K. Hansen, who will retain his responsibilities as executive chairman.
"It's been a tumultuous two years for NYFIX," Gasser says, referring to the firm's accounting issues. The company was delisted from the Nasdaq National Market in October because it fell behind in its periodic public financial reports. As a result, NYFIX made management changes and hired a new accounting firm - Friedman LLP has replaced Deloitte. "This provides us with a clean slate on a number of fronts," Gasser notes.
In his role as CEO, according to Gasser, he will focus on the three R's - re-audit, refile and relist. Gasser says his role was altered because the board felt a change was necessary. "After the resignation of Deloitte as our auditor, we needed a fresh perspective on a lot of internal issues," he says. "We now are focusing on re-auditing, refiling and relisting. The board felt a new management team would be helpful to that process," Gasser adds.
Although NYFIX did not announce any other new appointments at this time, other than Gasser's internal replacements, Gasser says he will drive a reorganization. "There won't be any wholesale changes in leadership in terms of the three divisions, but within corporate NYFIX there will be some changes," he says.
Going forward, the firm will focus on its core asset - its FIX network capabilities, Gasser adds. "TowerGroup ranked us as the No. 1 FIX engine provider," he says. "We're going to run with that and solidify our spot in that space. We want to leverage that globally."
Gasser's former roles will be filled through internal promotions. Ryan Carr, previously SVP of NYFIX Millennium and NYFIX Transaction Services, will become CEO of NYFIX Millennium, and Anthony Portelli, formerly CFO and director of NYFIX Clearing Corp., will become NYFIX Millennium president.
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