• 03 Jul 2013 at 11:03 AM

Knight Capital CEO Is Going To Take Off Now

“Over the course of the last eleven years, I have been fortunate to be the CEO of Knight Capital Group. Together we achieved a wide variety of the business goals we had established. With the transaction with GETCO completed, and after careful consideration, I have decided that now is the right time for me to resign as Executive Chairman and leave the organization…I take great pride in the fact that “legacy Knight” is operating so well as it moves into KCG Holdings. And I am gratified that the values at the core of Knight’s DNA – client service, integrity and maintaining the highest standard of business ethics – will continue to be core values of KCG going forward. Our business success is dependent upon relationships built on trust, and it is due to the committed and hardworking employees of Knight that our company has been successful through the years. Similarly, it has been an honor to work closely with Knight’s clients…All the best, Tom Joyce.” [BI]

  • 02 Jul 2013 at 12:58 PM

Resignation Watch ’13: Vatican Bank

Two of Christ’s little worker-bees are now looking for new gigs in the financial services industry, if you’ve heard of any openings. References available upon request. Read more »

Scotts said Monday its board had unanimously reprimanded Mr. Hagedorn for his use of “inappropriate language,” and that three independent directors had resigned following the move…In a statement Monday evening, the 57-year old chief executive said he has “a tendency to use colorful language,” and apologized for what he said were “inappropriate” comments. He said he has made “a personal commitment to prevent a future recurrence.” Mr. Hagedorn, CEO of Scotts since 2001, is the son of the man who co-founded Miracle-Gro. He is well known among analysts, reporters and people who do business with the company for his candid and often profane language. He is typically more restrained during investor calls, according to analysts. But at the company’s analyst and investor day in December, four of Mr. Hagedorn’s comments were edited for profanity, according to a transcript of the event from S&P Capital IQ. In describing the fragile mood of consumers during that event, Mr. Hagedorn said: “Whether it’s fuel prices, stock market, or the bulls— in Washington, when consumers get stressed today, they shut down,” according to the transcript. At the same event, Mr. Hagedorn also said that during better times for the lawn products business, the company was “making s— pots of money.” [WSJ]

Time was, making hundreds of millions of dollars one minute and losing hundreds of millions the next got Greg Coffey’s blood pumping. Now? Eh. Who cares? What’s the point? Read more »

Jack Welch said he will no longer contribute to Fortune following critical coverage of the former CEO of General Electric, saying he would get better “traction” elsewhere. On Friday, Welch suggested that the Obama administration, calling them “these Chicago guys,” had manipulated the monthly jobs report in order to make the economy look better than it actually is just weeks before the election…CNNMoney, which shares content with, ran a story on Friday covering Welch’s tweet. The piece said that even conservative economists thought Welch was wrong to question the jobs numbers. On Tuesday, ran a story detailing Welch’s record as a job destroyer. GE lost nearly 100,000 jobs during the 20 years in which Welch ran the company. “I never put myself out there as an employment agency,” Welch told Fortune…Following the story, Welch sent an e-mail to Reuters’ Steve Adler and Serwer saying that he and his wife Suzy, who have jointly written for Reuters and Fortune in the past, were “terminating our contract” and will no longer be sending our “material to Fortune.” Reuters’ story about Welch’s tweet quoted money manager and blogger Barry Ritholtz, who said Welch’s comments were laughable. Reuters wrote that Ritholtz comments were referring to allegations that Welch regularly manipulated GE’s earnings during his tenure as CEO in order to best Wall Street profit estimates. [Fortune, related]

  • 02 Dec 2011 at 4:46 PM

MF Global’s Board Is Gonna Take Off Now

The remaining directors of MF Global Holdings turned in their resignations Friday, following the appointment of a trustee to oversee liquidation of the futures brokerage. Former FBI director Louis Freeh was installed as trustee in the MF Global bankruptcy case on Monday. [CNBC]

  • 05 Oct 2011 at 1:13 PM
  • Banks

Two UBS Executives Resign Over…You Know

“UBS said Francois Gouws and Yassine Bouhara resigned as co-heads of Global Equities following the recent unauthorized trading incident. Mike Stewart will become sole global head of Equities, it said.” [Bloomberg]