NEX Restructures Post Trade Unit
NEX Group plc, a financial technology company at the centre of global markets, announces today 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.
Jenny 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. Jenny’s vision, through NEX Infinity, was to provide clients with one 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, Jenny has brought in a highly experienced new team and put into motion many changes to operate under the new, client-centric structure. As a result, Jenny now feels that the time is right to step down and concentrate on pursuing new challenges outside of NEX.
Ken Pigaga, Global Chief Operating Officer (COO) of NEX has been appointed CEO of NEX Optimisation effective immediately. Jenny will remain with the company for a period to ensure an orderly handover.
Ken will remain in his role as a Director on the NEX Board. He will hand over his Global COO responsibilities to Sam Wren, Group Chief Financial Officer (CFO) of NEX, who will assume the role of Global COO in addition to her role as Group CFO. Ken will continue to work alongside Sam on the NEX Transformation programme, given the material contribution that NEX Optimisation will make to this programme.
Michael Spencer, CEO of NEX, 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. 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.
“Ken has worked closely with Jenny as part of the NEX Transformation programme and is 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.
“The Board and I thank Sam Wren for taking on the role of Global COO in addition to her role as Global CFO. We are entering a very exciting stage in the evolution of NEX and I believe that we have the right management team in place to deliver on our strategy.”
Jenny Knott, said: “I am proud of the achievements of the NEX Optimisation leadership team. In just over two years we have transformed ourselves 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 confirmed in the trading statement on 2 October 2017, NEX remains committed to the financial aspirations set out earlier in the year and has identified additional cost savings over and above the £25 million previously announced, more details of which will be given at the Half Year Results on 20 November 2017.
Source: Nex Group
KEN PIGAGA BIOGRAPHY
Ken Pigaga sits on the Board of NEX Group plc as a Director and has served on the company’s Global Executive Management Group since December 2013. Ken was appointed Global Chief Operating Officer (COO) of NEX in November 2016. He was appointed to the Group Board in May 2017 in recognition of the importance of his role leading the NEX Transformation programme and the increased focus across the Group on technology and cyber security.
As Global COO of NEX he has led the early phase of the current NEX Transformation programme, focused on driving revenue growth, increasing the Group’s operating profit margin and delivering value to NEX shareholders. He has been responsible for developing the Group’s overall technology strategy including software development, infrastructure, data management and IT security, and for designing the technology governance model.
Ken was previously Global COO for ICAP from November 2013, leading various significant programmes focused on efficiency and control including the restructuring of the Global Broking business in 2014 and the creation of ICAP’s SEF. He led the complex task of separating the Global Broking business, playing a pivotal role in the transaction with TP-ICAP.
Between February and August 2015, Ken also held the position of Interim CEO of Traiana.
Prior to joining ICAP, Ken worked at Goldman Sachs and JP Morgan in several roles including portfolio structuring and e-commerce. He joined ICAP in 2006 as COO for ICAP Americas.
SAM WREN BIOGRAPHY
Sam Wren sits on the Board of NEX Group plc as a Director and has served on the company’s Global Executive Management Group since May 2017 when she was appointed Group Chief Financial Officer (CFO) of NEX in May 2017.
In March 2016, Sam was appointed Chief Commercial Officer for NEX, most recently supporting NEX Markets. Sam joined ICAP in 2009 as Group Treasurer and in this time, has held many senior finance, operational and commercial roles, including CFO and Chief Operating Officer (COO) of the Global Broking division. During Sam’s time in the latter role, she partnered with Ken on the restructuring of the Global Broking division, in addition to leading several efficiency and control programmes. ©2017 NEX. A NEX GROUP BUSINESS
Prior to Sam’s time at ICAP, she held a variety of finance roles at Rentokil Initial plc and then Rank Group plc.
Sam is a Chartered Management Accountant and holds a degree in Economics. She has been a non-executive director of City of London Investment Trust plc since 2015 where she is Chair of the Audit Committee.
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