High-frequency trading firm Tradebot Systems has named Eric Boles as its new chief executive and president, effective January 1, 2012.
Boles joined Kansas City-based Tradebot in 2003 as a sales trader and has served as the firm’s head of U.S. equities and its global head of trading. He is also a member of the Tradebot Board of Directors. Boles holds a master’s in literary theory from Yale.
“I’m still not sure how that degree gets you a job in high-frequency trading,” said Dave Cummings, Tradebot’s chairman of the board, in a press release. “I look forward to seeing how Tradebot will grow under our new leadership.”
Boles replaces Rob Alumbaugh, who has served as the firm’s chief executive since 2005 and president since 2002. Alumbaugh will take the newly created position of Tradebot Fellow.
According to the release, Cummings describes a Fellow as “kind of like” the role of chairman. After the transition, Alumbaugh’s only official duty will be to attend four strategy meetings per year. He will remain an employee of Tradebot and draw a minimal salary but fully participate in the bonus pool. He will serve as a mentor to younger employees, Cummings added.
Alumbaugh joined Tradebot as a software developer in March 2000 when the firm only had four associates and less than 1000 square feet of office space. The firm now employs 75 associates, half of whom are traders.
“Rob [Armbaugh] always looked at the changes as opportunities,” said Cummings. “He made sure Tradebot was nimble and constantly adapting and always displayed the highest level of integrity.”
Cummings started Tradebot in 2008 to help Kansas City build the next generation of high-growth technology companies. He is also the founder and former chief executive of BATS Trading.
In other moves at the firm, Will Bryson becomes global head of trading and continues as a vice president and Andy O’Hara, currently vice president of international, adds vice president of business development to his resume. O’Hara will also join Tradebot’s board of directors.
