Pages Menu
Categories Menu

Posted in 2013 contender | 0 comments

NASDAQ: Eric Noll (Executive VP, Transaction Services)

Why this is a big quit:
Eric Noll was in line to succeed Robert Greifeld as the next CEO of NASDAQ, the number two securities exchange platform that he joined in 2009. During his time there, NASDAQ’s share price nearly doubled [7]. But instead, he left to take the top position at ConvergEx, a broker for institutional traders and money managers. The real story is succession planning. If Noll was supposed to take over NASDAQ, then who does NASDAQ have on the bench?

Why it’s not as big as our Top 10:
First, ConvergEx is not a direct competitor of NASDAQ, so the move does not directly harm NASDAQ. Next, the exchange and Noll, were not in the best light after a few major transaction bugs including the mishandled Facebook IPO in 2012. The latter caused a $10 million fine by the SEC (the largest fine ever for an exchange) and at least $41.6 million in damages, possibly more as litigation continues.