BrokerDealer.com blog post courtesy of extract from WSJ
BATS Global Markets Inc. the brokerdealer that operates the BATS electronic exchange platform, has begun searching for a new president just over a month after it forced William O’Brien out of the position, according to people familiar with the matter.
After Mr. O’Brien abruptly departed BATS in July, BATS Chief Executive Joe Ratterman assumed the title of president effective immediately, according to a statement at the time. Mr. Ratterman is based in Lenexa, Kan., while Mr. O’Brien worked out of the firm’s Jersey City, N.J., office.
Since then, the BATS board has decided to look for a new president. The position would likely be based in Jersey City and play a role in acting as a liaison with the company’s owners, many of which are large Wall Street firms based in New York City, and be a public face for the company.
It wasn’t previously known whether the company would seek to replace Mr. O’Brien or leave Mr. Ratterman as both chief executive and president. A spokesman for BATS declined to comment.
One reason for Mr. O’Brien’s departure was a decision by BATS to settle allegations that one of its units gave unfair advantages to high-speed traders, The Wall Street Journal reported last month. Mr. O’Brien declined to comment.