Former Chicago Board of Trade President and CEO Bernard W. Dan has succeeded Kevin R. Davis as chief executive officer of MF Global. Davis resigned from the company and its board of directors after 17 years with the company. Dan joined MF Global in June as president and chief operating officer.
"I am delighted to have the opportunity to lead MF Global," Dan stated in a release. "The company has made tremendous progress over the last six months, improving risk processes and procedures, securing its capital structure and reorganizing the senior leadership team.”
MF Global has struggled this year. Shares in the company have fallen to less than $4 per share from more than $30 in January; in February, a ‘rogue trader’ cost the firm $140 million for unauthorized trades. According to SEC filings, Davis will receive $7.5 million; his 808,333 restricted shares will remain outstanding and vest as per his employment agreement, however, he has forfeit all of the stock options previously granted to him.
Davis thanked his colleagues, calling them the best and brightest professionals in the global futures brokerage business. “I believe that it is now the right time for me to explore new opportunities. I remain proud of what this company has accomplished in consolidating its strong industry position, expanding its presence in Asia Pacific and building world class product teams,” he said.