November 16, 2015 / 5:28 PM / 2 years ago

ITG chair to step down as brokerage transitions leadership

NEW YORK, Nov 16 (Reuters) - Investment Technology Group , which recently paid a record fine related to its "dark pool" trading venue, said on Monday the chair of its board as well as a board director would step down as the brokerage transitions to new leadership.

Maureen O'Hara, who joined ITG's board in 2003 and has served as chair since 2007, will retire on Jan. 15, 2016, the same day that incoming Chief Executive Officer Frank Troise starts at the firm.

Troise most recently headed JP Morgan Execution Services, a global multiasset electronic execution group within the investment bank.

The move comes after ITG agreed in August to pay $20.3 million to the U.S. Securities and Exchange Commission to settle charges it ran a secret trading desk that profited from confidential customer information within its private stock-trading venue, or "dark pool."

ITG fired its CEO, Bob Gasser, over the matter, replacing him in the interim with board member and Jarrett Lilien, a former E*Trade Financial Corp executive.

"I have enjoyed my more than 12 years of service with the company, and along with my fellow directors have worked hard to bring ITG through a challenging year," O'Hara said in a statement. "I have been contemplating retirement for some time, but wanted to do so only when the company was well-positioned for future success."

Chris Dodds, a director of ITG's board since 2008, will also retire, effective Dec. 31, ITG said. (Reporting by John McCrank in New York, editing by G Crosse)

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