Jenny Knott stepping down as CEO of NEX Optimisation
Nex Group
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09:36 02/11/18
Financial technology company NEX Group announced on Monday that - having put into motion the “significant restructure” of NEX's post-trade division 'NEX Optimisation' - Jenny Knott has decided to step down as the division's CEO.
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The FTSE 250 firm said Knott joined ICAP, now NEX, in August 2015 with a strategic mandate to transform the company's portfolio of post trade, risk and information businesses into a fully integrated division with a single, unified operating model.
It said her vision, through NEX Infinity, was to provide clients with a single connection to all NEX Optimisation services and those of third parties, to help them optimise their operational and financial resources.
In her time at NEX, Knott brought in a “highly experienced” new team and put into motion a number or changes to operate under the new, client-centric structure, the board explained.
As a result, Knott now felt that the time was right to step down and concentrate on pursuing new challenges outside of NEX.
Ken Pigaga, global chief operating officer of NEX has been appointed CEO of NEX Optimisation effective immediately.
Knott would remain with the company for a period to ensure an orderly handover, and Pigaga would remain in his role as a director on the NEX board.
He would hand over his global COO responsibilities to Sam Wren, group chief financial officer (CFO) of NEX, who would assume the role of global COO in addition to her role as group CFO.
Pigaga would continue to work alongside Wren on the NEX transformation programme, given the material contribution that NEX Optimisation would make to the programme, the board said.
“Jenny joined NEX with a mandate to transform our post trade division, future-proofing it to take advantage of the many opportunities that the changing regulatory landscape and rapid technological advancement afford to NEX,” said CEO Michael Spencer.
“In her time with us she has evolved our client strategy and implemented a simpler and more unified operating model, identifying and adopting new and emerging technologies.
“Jenny's significant contribution will have an enduring impact on the business and we wish her every success for the future.”
Spencer said Pigaga had worked “closely” with Knott as part of the NEX Transformation programme, and was “ideally placed” to assume the role of CEO of NEX Optimisation.
“Ken's experience leading complex change-management programmes will help us deliver on the financial aspirations and cost savings identified, while his experience managing technology functions will allow us to execute the roll-out of NEX Infinity to our clients.
“I'm confident that Ken will successfully take NEX Optimisation to the next level of its growth.”
Jenny Knott said she was “proud” of the achievements of the NEX Optimisation leadership team, saying that in just over two years it had transformed itself to “transform the industry”.
“From Sweden to Tel Aviv, my talented colleagues will continue to work with clients to solve industry-wide challenges and help them grow their businesses.
“Having redesigned NEX Optimisation, it is now time to let them execute on the new structure and for me to pursue new entrepreneurial opportunities.”
As it confirmed in the trading statement on 2 October, the NEX board said it remains committed to the financial aspirations set out earlier in the year and identified additional cost savings over and above the £25m previously announced.
The board said more details of that would be given at the half year results on 20 November.