MF Global Holdings appointed Jon S. Corzine as chairman and chief executive officer effective immediately.
Alison J. Carnwath will be retiring from the board at its next shareholders’ meeting in August 2010 after fulfilling her three-year commitment to the company.
Meanwhile, Bernard W. Dan has resigned from MF Global as CEO and as a director for personal reasons. He will remain with the company through May 16, in an interim capacity to facilitate the smooth transition of duties to Corzine.
Corzine brings more than three decades of leadership and expertise to MF Global. He served as governor of New Jersey from 2006 to 2010, and in the U.S. Senate from 2001 to 2006.
Before entering public service, Corzine was chairman and senior partner of Goldman Sachs, where he served for 24 years.
During his tenure, Corzine led Goldman’s fixed income division, worked to build the firm’s footprint in Asia and served as its chief financial officer. He became senior partner of Goldman in 1994, and re-established the firm’s profitability and taking the company public in 1999.
“MF Global is a firm with tremendous potential and excellent talent,” Corzine said. “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.”
“It has been a pleasure to serve as MF Global’s chairman over the past three years,” Carnwath said. “I appreciate the commitment and dedication of the board, senior management and employees at MF Global and believe Jon is now the right person to lead MF Global in its next phase of greater growth and profitability. I wish the firm, employees and shareholders continued success.”
“It has been an honor and a privilege for me to lead MF Global,” said Mr. Dan. “However, a number of personal matters now require my full attention. I’d like to thank all of my MF Global colleagues for their contributions, and under the strong leadership of Jon, I firmly believe MF Global is well positioned for the future.”
As part of its standard fiscal year-end reporting, MF Global intends to release earnings in mid-May. MF Global believes its net revenues for the fiscal fourth quarter ending March 31, 2010, will be in the range of $235 million to $245 million. In addition, MF Global believes 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.