By Chelsey Dulaney
KCG Holdings Inc. has tapped banking-industry veteran Steffen
Parratt as its next finance chief after a four-month-long
search.
Mr. Parratt, who has held jobs at financial firms such as
Citigroup Inc., replaces Sean Galvin, who has been acting as
interim CFO. Mr. Galvin will return to his role as accounting
chief.
In September, finance chief Steven Bisgay abruptly left the
company--the latest former Knight Capital Group executive to leave
the Wall Street trading company created by a merger with Getco
LLC.
His departure came as KCG faced pressure to address performance
concerns, including through an anonymous letter that had circulated
through the firm urging its board to "take action immediately," The
Wall Street Journal reported last year. The letter also warned that
employees were "close to open rebellion and fleeing in droves" due
to weak performance in the trading business. In September, the
company said it would cut its workforce by 4%.
Mr. Parratt spent more than a decade at Citigroup, where he
helped to re-engineer processes in the firm's finance, risk and
compliance units, among others. He also worked as a managing
director at Bank of America Merrill Lynch.
Prior to finance, Mr. Parratt worked as an engineer.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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