|KCG APPOINTS STEFFEN PARRATT AS CHIEF FINANCIAL OFFICER|
KCG APPOINTS STEFFEN PARRATT AS CHIEF FINANCIAL OFFICER
JERSEY CITY, N.J. - January 6, 2015 - KCG Holdings, Inc. (NYSE: KCG) today announced that Steffen Parratt has been appointed as the company's Chief Financial Officer, effective immediately. He assumes the role from Sean Galvin, KCG's Interim CFO, following an executive search. Mr. Galvin will return to his role as Chief Accounting Officer.
Commenting on Mr. Parratt's appointment, Daniel Coleman, KCG's Chief Executive Officer said, "Steffen's unique skillset at the intersection of finance, strategy and technology will be instrumental beyond the boundaries of a traditional financial services officer - he will also influence KCG's business, balancing strategic initiatives with detail oriented and efficient processes. His experience in leveraging technology and operational expertise to expand revenue and profits within complex organizations in the sector make him a great fit for KCG."
Coleman continued, "I would like to thank Sean for taking on increased responsibility during our recent transition. We value his contributions highly, and he has provided excellent leadership to our accounting and finance teams during this period."
Mr. Parratt said: "KCG represents a new model for the industry, and I believe the firm has only begun to realize its full potential. I am excited to get to know not only the finance team, but the entire organization as we kick off 2015."
Mr. Parratt brings to KCG more than two decades of experience in financial services and technology industries, during which he focused on business development, strategy and analysis working directly with executive management at top institutions. He was a Managing Director at Bank of America Merrill Lynch where he helped develop a strategic plan to integrate Merrill Lynch, U.S. Trust and the legacy Bank of America wealth business. Mr. Parratt also spent more than a decade at Citigroup Inc. in a number of leadership roles most recently as Managing Director and Global Staff Functions Task Leader, Reengineering and Productivity Group where he was responsible for reengineering organizations and processes in the firm's finance, risk, compliance, audit, legal, human resources units. Prior to his roles in finance, Mr. Parratt worked as an engineer at Sandia National Laboratories and Hughes Aircraft Company. Most recently, Mr. Parratt was an entrepreneur, where he launched ventures in finance, management, and strategy with a focus on developing software to realize operational effectiveness and efficiencies. Mr. Parratt received an M.B.A. in Finance from The Wharton School. He received a Ph.D. and M.Sc. in Engineering from Cornell University. He earned his B.Sc. in Mechanical Engineering and a M.Sc. in Electrical Engineering from the University of Rochester.
Certain statements contained herein may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," "positions," "prospects" or "potential," by future conditional verbs such as "will," "would," "should," "could" or "may," or by variations of such words or by similar expressions. These "forward-looking statements" are not historical facts and are based on current expectations, estimates and projections about KCG's industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Any forward-looking statement contained herein speaks only as of the date on which it is made. Accordingly, readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict including, without limitation, risks associated with: (i) the strategic business combination (the "Mergers") of Knight Capital Group, Inc. ("Knight") and GETCO Holding Company, LLC ("GETCO"), including, among other things, (a) difficulties and delays in integrating the Knight and GETCO businesses or fully realizing cost savings and other benefits, (b) the inability to sustain revenue and earnings growth, and (c) customer and client reactions to the Mergers; (ii) the August 1, 2012 technology issue that resulted in Knight's broker-dealer subsidiary sending numerous erroneous orders in NYSE-listed and NYSE Arca securities into the market and the impact to Knight's business as well as actions taken in response thereto and consequences thereof; (iii) the sale of KCG's reverse mortgage origination and securitization business, sale of KCG's futures commission merchant and the pending strategic review of KCG Hotspot; (iv) changes in market structure, legislative, regulatory or financial reporting rules, including the increased focus by regulators, the New York Attorney General, Congress and the media on market structure issues, and in particular, the scrutiny of high frequency trading, alternative trading systems, market fragmentation, colocation, access to market data feeds, and remuneration arrangements such as payment for order flow and exchange fee structures; (v) past or future changes to organizational structure and management; (vi) KCG's ability to develop competitive new products and services in a timely manner and the acceptance of such products and services by KCG's customers and potential customers; (vii) KCG's ability to keep up with technological changes; (viii) KCG's ability to effectively identify and manage market risk, operational and technology risk, legal risk, liquidity risk, reputational risk, counterparty and credit risk, international risk, regulatory risk, and compliance risk; (ix) the cost and other effects of material contingencies, including litigation contingencies, and any adverse judicial, administrative or arbitral rulings or proceedings; and (x) the effects of increased competition and KCG's ability to maintain and expand market share. The list above is not exhaustive. Readers should carefully review the risks and uncertainties disclosed in KCG's reports with the SEC, including, without limitation, those detailed under "Risk Factors" in KCG's Annual Report on Form 10-K for the year-ended December 31, 2013, under "Certain Factors Affecting Results of Operations" in KCG's Quarterly Report on Form 10-Q for the period ended September 30, 2014, and other reports or documents KCG files with, or furnishes to, the SEC from time to time.