NYSE’s first female president resigns, Lynn Martin takes over
The New York Stock Exchange has appointed Lynn Martin, who heads the fixed income and data services segment of ICE, as its second female president, Intercontinental Exchange said Tuesday.
Martin, who will start her new role on January 3, will replace Stacey Cunningham as head of NYSE, which is owned by Intercontinental Exchange. Cunningham became the first woman to head the 229-year-old financial market back in 2018.
Prior to that, she was NYSE’s chief operating officer and managed the exchange’s cash equities markets, relationship management, product management, and governance services. Cunningham is beginning a new chapter in her career and will join the NYSE’s board of directors.
“Stacy led the New York Stock Exchange through an extraordinary era that saw its proven technology and trading systems thrive in even the most turbulent times. It is starting a new chapter with the stock market getting better and stronger for its tireless efforts, and our sincere thanks,” Jeff Sprecher, founder, chairman and CEO of Intercontinental Exchange, said in a statement.
Other changes to leadership
Martin takes up the position, which also includes four fully electronic stock exchanges, as the world’s largest stock exchange is struggling with increasing competition from Nasdaq. She is tasked with continuing to modernize NYSE’s trading operations and induce more companies to list publicly.
Martin’s promotion also follows recent reports showing that Nasdaq has raised $191 billion through IPOs year to date, nearly double the amount raised at the NYSE, which has 2,400 listed companies and a combined market capitalization of $36 trillion.
Rounding out the organizational changes, Atlanta-based Intercontinental Exchange, the firm’s parent company, confirmed that ICE and NYSE board member Sharon Bowen will become the next chair of the NYSE. Bowen is a finance and securities lawyer, and formerly served as a commissioner of the Commodity Futures Trading Commission (CFTC).
“While Lynn assumes her new role at 11 Wall Street, she will continue to serve as Chair of ICE Fixed Income and Data Services to help guide that business as Amanda Hindlian, currently the Global Head of Capital Markets at the NYSE, becomes its new President. The global business that Amanda will now lead includes our evaluated pricing business, which prices nearly 3 million securities daily, and our rapidly growing index business,” ICE said in a posting on the company’s website.
Other changes to leadership include Mark Wassersug, ICE’s chief operating officer transitioning to a new role as the company’s chief information officer. Stuart Williams will succeed him as COO of ICE.