People news – February/March 2024  

Appointments, promotions and other people news in the derivatives industry 

21 March 2024


Deutsche Börse has appointed Stephan Leithner as its new chief executive officer. He will take up the position on 1 October 2024 and initially lead Deutsche Börse as a co-CEO together with Theodor Weimer until the end of the year when Weimer retires. Leithner has been a member of the executive board of Deutsche Börse since 2018, responsible for pre- and post-trading. The exchange said a decision on his replacement will be made in due course. From 2016 to 2018, Leithner was a partner at private equity company EQT. Before this, he was at Deutsche Bank, where he was responsible for building up the capital markets and M&A business.

Ray Bradbury has been appointed president of ADM Investor Services. In this role, he leads ADM’s global futures clearing business. Previously, Bradbury served as president, renewable fuels solutions, where he led ADM globally in ethanol production and sales. He also was responsible for global commodity risk management with a focus on lower net raw material costs for the entire Carbohydrate Solutions business unit. Bradbury joined ADM in 2004, bringing with him more than 20 years of commodity and futures trading experience in the Canadian grain industry.

The London Metal Exchange has appointed Susan Small as general counsel to oversee the legal function across LME and LME Clear. She will join in June from JP Morgan where she is currently the deputy general counsel for the Corporate and Investment Bank in EMEA and the head of the EMEA Markets Practice Group. Kirstina Combe, chief regulatory and compliance officer for both LME and LME Clear, has also been appointed as chief risk officer of LME. She will work closely with Matt Wade, chief risk officer, LME Clear.

The LME has also created three focused business lines – Sustainability & Physical Markets, Market Data, and Trading – and an enhanced Market Development function that will be responsible for the LME’s ongoing strategy and organisational effectiveness. The business lines and market development activities will be led by four existing senior LME executives: Georgina Hallett, who will serve as chief sustainability officer and head of physical markets; Kate Smith, who will run the Market Data business line; Jamie Turner, who will become permanent LME COO and head of the Trading business line; and Robin Martin, who will lead the enhanced Market Development function.

Dan Berkovitz has joined investment firm Millennium as vice chairman, external and regulatory affairs, and as a member of the firm’s compliance, legal and ethics oversight committee. Before joining Millennium, he served as general counsel of the US Securities and Exchange Commission and, before that, as commissioner of the US Commodity Futures Trading Commission. He was also previously a partner and co-chair of the futures and derivatives practice at WilmerHale, general counsel at the CFTC, a senior staff lawyer for the US Senate Permanent Subcommittee on Investigations, and the deputy assistant secretary at the US Department of Energy's Office of Environmental Management.

Commodities broker Marex has appointed John Pietrowicz to the group board. He is expected to join later this year and will also serve as a member of Marex’s Audit & Compliance Committee. Pietrowicz was previously chief financial Officer of CME Group from 2015 until 2023. Before that, he was responsible for corporate development and mergers and acquisitions activity at CME Group. Before joining CME in 2003, he served as chief financial officer for The Merchants' Exchange, an electronic commodities exchange based in Chicago.

Dan Carter has been appointed chief executive of KRM22, a technology and software investment company. He succeeds Stephen Casner, a founder director and the former CEO, who is leaving to pursue private equity opportunities in the US. Carter joined KRM22 in 2018 and has since served in sales and customer services roles, most recently as the company's chief services officer. Previously, Carter was at ION and FFastFill, before its acquisition by ION, where he worked in product management and customer service roles.

Additionally, Keith Todd will relinquish his role as executive chairman of KRM22 while remaining an executive director of the company. Garry Jones, non-executive director, will succeed Todd as non-executive chairman. Kim Suter, CFO, Sandy Broderick, non-executive director and chairman of the Remuneration Committee and Nomination Committee, and Steve Sparke, non-executive director and chairman of the Audit Committee will continue in their respective roles.

SSY, the world’s largest independent shipbroker, has announced that its commodities arm, SSY Futures, has launched a dedicated agricultural derivatives sales and execution desk. Operating out of the London office, the new desk will be headed by Andrew Rechten, who has previously held senior commodity roles at Merrill Lynch, JP Morgan, Macquarie and SEB. Agricultural specialists, Francois Churland and Owen Scrimgeour will also join the team. All three were previously at grain broker McDonald Pelz Derivatives. Initially focusing on grains, oil seeds and soft commodity derivatives, the new business will complement SSY Futures’ portfolio in the freight and commodities space.

Tammy Roust is joining the Office of Financial Research at the US Department of the Treasury as a senior policy advisor. Roust previously was chief data officer and director of the Division of Data at the US Commodity Futures Trading Commission.

Norton Rose Fulbright has announced that financial services lawyers Steven Lofchie and Mark Highman have joined the firm as partners in the New York office. Lofchie advises financial institutions and corporate clients on securities, broker-dealer regulation and credit and derivative transactions. Highman focuses on broker-dealer, investment adviser, commodity trading advisor and commodity pool regulation. They joined the firm from Fried Frank.

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