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UPDATE 1-Penson names former president interim CEO
July 2, 2012 / 9:41 PM / 5 years ago

UPDATE 1-Penson names former president interim CEO

July 2 (Reuters) - Securities clearing firm Penson Worldwide Inc appointed co-founder and former President Daniel Son as its interim chief executive.

Son, currently non-executive vice chairman of the board, will succeed Philip Pendergraft, who is retiring as the company’s CEO as well as from its board.

Son was Penson’s president from its inception in 2000 till he retired in 2010.

The Dallas-based clearing broker and futures commission merchant, which has been reporting widening losses, is in advanced discussions about strategic transactions. Penson gave no details of the transactions it is negotiating.

The company, which is active in particular in the U.S. agricultural market, said it will close its UK operations and sell its Australian unit last year in an effort to cut costs and debt.

Penson shares, which have fallen more than 97 percent over the past two years, closed at 14 cents on Monday on the Nasdaq.

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