Former New Jersey Gov. Jon Corzine will take the helm of MF Global Holding Ltd, a clearing house for exchange traded and over-the-counter derivatives, effective immediately.
MF Global’s board of directors approved the appointment Tuesday. Corzine will serve as chief executive officer and chairman. He replaces Bernard Dan, who is leaving his post as CEO for personal reasons. He will continue at MF Global until May 16 to assist during the transition period, according to a company statement. In addition, Alison Carnwath will retire as the board’s chairman in August after completing a three-year commitment.
Corzine, a Democrat, served as governor of New Jersey from 2006 to 2010 and was a U.S. senator from 2001 to 2006. Previously, he worked at Goldman, Sachs & Co. for 24 years. He was its chief executive officer and helped transform the then-private banking firm into a publicly traded company.
“MF Global is a firm with tremendous potential and excellent talent,” Corzine said in a prepared statement. “I see a substantial opportunity for the firm to expand its leadership position in serving clients globally in cash and derivatives markets. I look forward to working with MF Global’s team to set a strategic path that will take the firm to new levels of growth, profitability and reputation. We will continue to provide the highest level of service to our clients, create new opportunities for employees and grow shareholder value. Profitability and responsibility must go hand in hand with growing our franchise.”
MF Global anticipates its net revenues for the fiscal fourth quarter ending March 31, 2010, will be in the range of $235 million to $245 million, according to the company’s Web site. In addition, MF Global expects its capital and liquidity position for the quarter ending March 31, 2010, will not be materially different from that of the quarter ended December 31, 2009.
MF Global’s client base includes financial institutions, industrial groups, hedge funds and other asset managers as well as professional traders and private/retail clients. MF Global operates in 13 countries on more than 70 exchanges.
