Consolidates legal and regulatory functions and group risk management responsibilities
Nasdaq Announces Technology Market Leadership Updates
NEW YORK, Feb. 14 10, 2022 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ), today announced the retirement of Lars Ottersgård, executive vice president of Market Technology, after 16 years leading the organization. Ottersgård will transition to an advisory role on April 30, 2022, until his official retirement on August 31. As a result, the company is appointing two top executives – Jamie King and Roland Chai – to drive its anti-financial and market crime infrastructure forward. The technology companies, respectively, and both will report directly to Nasdaq President and CEO Adena Friedman.
The announced changes are not expected to impact the Company’s public financial reporting structure for the Market Technology segment, comprised of the Anti-Financial Crime and Market Infrastructure Technology businesses. Additionally, the Nasdaq continues to maintain its financial and operational performance targets for the Market Technology segment.
During a 16-year career at Nasdaq, Ottersgård presided over a near tripling of the company’s market technology franchise and was instrumental in growing the company into one of the biggest global solution providers for exchanges, clearing houses, central securities depositories, regulators, banks, and brokers. After a 20-year career at IBM, Ottersgård joined OMX AB in 2006 to lead global sales for the Nordic-based exchange company’s trading technology business and was appointed to lead the market technology business. combined following Nasdaq’s landmark merger with OMX in 2008. His vision and leadership has resulted in the provision of Nasdaq’s technology capabilities to more than 130 market infrastructure operators in 50 countries, including one of largest market infrastructure agreements in the history of the industry. Following the launch of the Nasdaq Financial Framework, Ottersgård led the company into new areas beyond traditional capital markets, including building and scaling the company’s anti-financial crime solutions for banks and brokers around the world, and played a key role in advancing the Nasdaq cloud journey.
“Lars has been an exceptional leader and colleague, having led our Market Technology segment through some of the most significant milestones in industry history,” said Adena Friedman, President and CEO of Nasdaq. “After bringing OMX to Nasdaq in 2008, his keen eye for emerging technologies led Nasdaq to acquire SMARTS Surveillance and Cinnober, cementing our leadership position in providing essential technology to over a hundred exchanges and of market infrastructure operators around the world.His recent efforts to expand our solutions and marketplaces in the cloud, as well as to serve new markets, including cryptocurrencies, puts us in a privileged position for us partner with customers across the marketplace ecosystem as we move toward an interconnected future.”
The following management changes will take effect on April 4, 2022:
Jamie King will be elevated to Executive Vice President, Nasdaq, and assume leadership of Nasdaq Anti-financial crime (AFC). AFC’s business includes solutions used by thousands of banks, stock exchange operators and other financial institutions to detect and combat financial crime through trade and market monitoring, as well as fraud detection solutions and Verafin’s anti-money laundering program. King is currently president and CEO of Verafin, which he co-founded in 2003.
Roland Chai, currently Global Chief Risk Officer of Nasdaq, will be elevated to Executive Vice President and will lead the Nasdaq Market Infrastructure Technology company, which includes products specifically designed to meet the technology needs of market infrastructure customers. Prior to joining Nasdaq in 2020, Chai served as Head of Post-Trading and Head of Group Risk at the Hong Kong Stock Exchange. He previously held the position of Equity Manager at LCH Ltd after starting his career in software development.
Following these changes, John ZeccaNasdaq’s Chief Legal & Regulatory Officer, will assume leadership of Roland Chai’s Nasdaq Group Risk Management team and become Legal, Risk and Regulatory Director.
“The organizational and leadership changes announced today will accelerate Nasdaq’s ability to realize its potential as a global leader in anti-financial crime solutions and as a leading, innovative technology partner to exchanges and markets around the world,” said Friedman. “Jamie and Roland are both respected leaders in their fields with deep industry expertise, proven track records of success, and a shared focus on deepening client relationships. I look forward to continued success as we are driving the next phase of growth in our anti-financial and market crime solutions.”
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
The information in this communication contains forward-looking statements that involve a number of risks and uncertainties. The Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. These forward-looking statements include, but are not limited to, projections regarding our future financial results, products and services and achievement of objectives, and other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, competitive U.S. and worldwide, the impact of the COVID-19 pandemic on our business operations, results of operations, financial condition, workforce, or the operations or decisions of our customers, suppliers, or business partners, and other factors detailed in Nasdaq’s filings with the United States Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on the Investor Relations website. Nasdaq Investors at http://ir.nasdaq.com and on the SEC’s website at www.sec.gov. The Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
About the Nasdaq
Nasdaq (Nasdaq: NDAQ) is a global technology company serving capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, Twitter @Nasdaq or www.nasdaq.com.
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