Jarrett Lilien on Monday was named interim CEO of brokerage and financial markets technology provider Investment Technology Group.
Mr. Lilien replaces Robert Gasser. J.T Farley, ITG spokesman, would not comment on the reasons for Mr. Gasser’s departure.
Mr. Lilien is a member of the ITG board; he also is founder and managing partner of private equity firm Bendigo Partners and previously was president, COO and acting CEO of E*Trade Financial. He will remain at Bendigo while serving as ITG’s interim CEO, Mr. Farley said. Laura Asquino, Bendigo spokeswoman, could not be immediately reached for confirmation.
The ITG board is considering its options for a permanent CEO and has not begun a search, Mr. Farley added.
Mr. Gasser’s departure came less than a week after ITG announced on July 29 that it was in talks with the SEC to settle charges of improper customer information disclosure in a trading pilot by ITG’s broker-dealer unit, AlterNet Securities, in 2010 and 2011. ITG said in a news release on its website that it would pay $20.3 million based on the potential settlement’s terms, adding that talks were continuing.