NYSE CEO Duncan Niederauer will retire sooner than expected

May 22, 2014

FORTUNE -- Duncan Niederauer will exit his chief executive role at the New York Stock Exchange quicker than originally expected "in light of the rapid integration" of IntercontinentalExchange Group (ice), the company said Thursday.

"The transition to ICE ownership has gone smoothly," said Niederauer, who has served as CEO since 2007. "And with our integration well on track, accelerating the final stages of my transition will only extend that progress." He had previously said he didn't expect to stay beyond the end of 2014.

Thomas Farley, chief operating officer for the NYSE, will take over as president of NYSE Group. Niederauer's retirement is effective immediately, though he will remain president of ICE through August.

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Under his leadership, NYSE Euronext weathered the financial crisis and became the consistent leader in IPOs, including technology stocks. The year before Niederauer stepped into the top role, the exchange won only 15% of technology IPOs. In 2013, the NYSE listed 54% of all tech public offerings.

"Duncan's vision for advancing the NYSE saw the exchange through extraordinary change, said Jeffrey Sprecher, ICE chairman and CEO. "And positioned it for success on a global scale."

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