Bloomberg News

Nasdaq Promotes Executive Hired Following Facebook IPO Error (1)

October 29, 2013

Nasdaq OMX Group Inc. (NDAQ:US), which just lost Twitter Inc.’s listing after mishandling Facebook Inc. (FB:US)’s initial public offering last year, said its global chief information officer will now report to Chief Executive Officer Bob Greifeld.

Bradley Peterson joined the New York-based exchange operator from Charles Schwab Corp. in February and originally worked for Anna Ewing at Nasdaq OMX. Peterson now reports directly to Greifeld instead of Ewing, according to an internal memo.

Peterson “will continue to ensure our technology systems and processes are industry leading,” according to the memo, which Jeremy Skule, a spokesman, confirmed was authentic. Ewing still oversees Nasdaq OMX’s Market Technology and Corporate Solutions units.

The change reflects further evolution in the role of Ewing, who was chief information officer before Peterson was hired this year. She, along with Greifeld, had her compensation reduced after the Facebook IPO in May 2012. A software error at Nasdaq OMX delayed Facebook trading, leading to a $10 million Securities and Exchange Commission fine and $41.6 million in claims from firms with losses.

The exchange lost the IPO of Twitter to NYSE Euronext (NYX:US) this month, missing out on what is set to be the largest U.S. technology debut since Facebook.

Reliable Systems

Peterson was hired to “drive the design and development of scalable and reliable solutions to further the growth and expansion of Nasdaq OMX’s core products and services and the underlying tools and technologies used by Nasdaq OMX customers,” according to a statement earlier this year.

In the memo announcing that Peterson now reports to Greifeld, Nasdaq OMX said Ewing would still oversee two areas: a business that develops technology used by exchanges around the world, and another that provides investor and public relations services to corporations.

Greifeld and Ewing had their 2012 cash compensation reduced 49 percent and 37 percent, respectively, following the Facebook errors.

Nasdaq OMX shares climbed 0.6 percent to $35.94 at 10 a.m. New York time, extending their 2013 rally to 44 percent.

To contact the reporter on this story: Nandini Sukumar in London at nsukumar@bloomberg.net

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net


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Companies Mentioned

  • NDAQ
    (NASDAQ OMX Group Inc/The)
    • $40.88 USD
    • -0.42
    • -1.03%
  • FB
    (Facebook Inc)
    • $80.67 USD
    • 0.63
    • 0.78%
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