Chris Concannon on Tuesday was named CEO of BATS Global Markets, effective March 31.
Mr. Concannon replaces Joseph Ratterman, who was named chairman.
Mr. Concannon was named BATS president on Dec. 15, a role he will continue to hold. He joined BATS from high-frequency trading firm Virtu Financial, where he was president and chief operating officer. He was not replaced at Virtu.
“Joe recruited Chris to become CEO and put a strong succession plan in place,” said Randy Williams, BATS spokesman. “Joe felt strongly that now would be the right time to do this. He sees chairman as an ideal role for him and that Chris is ready to take the reins.”
Mr. Concannon led BATS' effort to acquire institutional spot foreign-exchange network Hotspot FX from KCG Holdings for $365 million in cash in a deal expected to close in the second quarter.
Prior to Mr. Concannon's hiring, Mr. Ratterman had been president after the resignation in July of William O'Brien. Mr. O'Brien was CEO of stock exchange operator Direct Edge, which BATS acquired in early 2014.
Paul Atkins, BATS' current chairman, will step down to concentrate on his work as CEO of regulatory and compliance consultant Patomak Global Partners, Mr. Williams said.
