Weekend Economists Down Under May 23-26, 2014

[Demeter]

15. New York Stock Exchange Chief to Retire

http://dealbook.nytimes.com/2014/05/22/new-york-stock-exchange-chief-to-retire/?_php=true&_type=blogs&_r=0

Duncan L. Niederauer, the head of the New York Stock Exchange who negotiated a sale to an upstart exchange in Atlanta, will retire from his post earlier than expected.

Mr. Niederauer is stepping down immediately as chief executive of the NYSE Group, though he will stay on through August as president of IntercontinentalExchange, which bought the parent company of the Big Board last year, according to an announcement on Thursday. Mr. Niederauer had been chief executive since December 2007.

The move is “in light of the rapid integration” of the two exchange companies, IntercontinentalExchange said in the announcement. Mr. Niederauer will be succeeded by Thomas W. Farley, the chief operating officer of the Big Board.

“It has been a privilege to lead this great, iconic organization, and I am very proud of all that we accomplished,” Mr. Niederauer said in a statement. “The transition to ICE ownership has gone smoothly, and with our integration well on track, accelerating the final stages of my transition will only extend that progress and provide clarity on future leadership.”

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