|KCG ANNOUNCES DEPARTURE OF STEVE BISGAY, CFO|
KCG ANNOUNCES DEPARTURE OF STEVE BISGAY, CFO
Chief Accounting Officer Sean Galvin Appointed Interim CFO Effective Immediately
JERSEY CITY, New Jersey - September 12, 2014 - The Board of Directors of KCG Holdings, Inc. (NYSE: KCG) today announced the departure of Steve Bisgay, Chief Financial Officer. Sean Galvin, Chief Accounting Officer, will serve as KCG's Interim CFO. An industry veteran, Mr. Galvin led the accounting team at Knight Capital before taking the lead accounting role at KCG.
KCG's Board of Directors has begun the process to identify and select a permanent CFO. A further announcement on a permanent successor will be made in due course. Mr. Bisgay will remain as an advisor to KCG until the end of the year.
Non-Executive Chairman of the Board, Ed Haldeman: "As KCG's CFO, Steve played a critical role in leading the transition to our newly integrated company. We thank him for his contributions and wish him success in the future."
"Steve has led his team through the integration process and created a solid foundation for KCG. We greatly appreciate his dedication to ensuring the firm's success," said Daniel Coleman, CEO.
Mr. Bisgay said: "The finance team we have built at KCG is best in class, and I've worked with a terrific group of people to help build a company designed for an evolving industry landscape. With the completion of the merger behind us, I feel it is the right time to move to the next chapter in my career. I am grateful to Daniel and the Board for this opportunity. I leave the finance team in the very capable hands of Sean and with the confidence that KCG will continue to deliver value for shareholders and customers alike."
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 and the departure of the managers of KCG's listed derivatives group; (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 June 30, 2014, and other reports or documents KCG files with, or furnishes to, the SEC from time to time.