MF Global Holdings Ltd., a broker “offering customized solutions in global cash and derivatives markets”, has announced that its board of directors has appointed Jon S. Corzine as chairman and chief executive officer, effective immediately.
According to the announcement ,Alison J. Carnwath will be retiring from the board at its next shareholders’ meeting in August 2010, “having fulfilled her three-year commitment to the company”, while Bernard W. Dan has resigned from MF Global as CEO and as a director for “personal reasons”. Dan will remain with the company through May 16, 2010, “in an interim capacity to facilitate the smooth transition of duties to Mr. Corzine,” according to the firm.
Corzine, of course, was governor of New Jersey from 2006 until he lost his bid for reelection in 2009 to now-Governor Chris Christie. Before that he served five years of a six-year Senate term. He joined Goldman Sachs in 1975 as a fixed-income trader, and went on to serve as chief financial officer and as senior partner and chairman from 1994 through 1999.
In addition to his duties at MF Global, he is being appointed an operating partner at J.C. Flowers & Co. LLC and will hold the title of John L. Weinberg/ Goldman Sachs & Co Visiting Professor at Princeton University’s Woodrow Wilson School of Public and International Affairs for the 2010-2011 academic year.
MF Global Holdings Ltd. provides execution and clearing services for exchange-traded and over-the-counter derivative products as well as for non-derivative foreign exchange products and securities in the cash market. Its worldwide 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.