KCG Holdings, the new company formed by the merger of Knight Capital Group and Getco LLC, parted ways with the leaders of its listed derivatives unit.
In a regulatory filing, KCG announced that it made a decision to “end the employment” of the managers and take a severance charge of $15 million. A report by Reuters states the two parties were unable to reach an agreement on a new contract. KCG plans to replace the managers “in the near future,” according to the filing.
The company did not divulge the names of the departing executives, but Reuters stated they were Reggie Browne, Eric Lichtenstein and Darren Taube.
The three joined Knight in 2009 from Newedge, propelling Knight to become one of the large market makers in exchange-traded funds.
A KCG spokesperson told Reuters that Joe Mazzella and John Dibacco would oversee the ETF group on an interim basis.