Duncan Niederauer, the chief executive of NYSE Group, is stepping down sooner than expected after selling the company to Intercontinental Exchange Group.
The “rapid integration” of the two companies will speed up Niederauer’s retirement, according to a statement on Thursday.
The 55-year-old Niederauer, who has served as CEO of NYSE since 2007, will continue as president of ICE until August.Thomas Farley, the chief operating officer of NYSE, will succeed Niederauer, taking the title of president of NYSE.
Niederauer agreed to sell New York Stock Exchange to the derivatives-centric ICE in an $11 billion deal that closed late last year.
As the long-time boss of the Big Board, he oversaw the exchange during a disruptive time when high-speed computers replaced human traders on Wall Street.
The deal to sell the NYSE to ICE was also driven by big changes roiling the markets, reflecting the growing importance of derivatives and the diminishing influence of the Big Board.