Knight Trading Group Exec Quitting
JERSEY CITY, N.J. (AP) _ Knight Trading Group, the largest dealer for Nasdaq stocks, said Tuesday its chairman and chief executive, Kenneth D. Pasternak, will step down next year.
Knight Trading has struggled in the stock market this year, posting its first quarterly loss of $5.7 million in the third quarter. The Sept. 11 attacks and the Nasdaq’s conversion to decimal trading have hurt revenues.
Pasternak, a co-founder of the Jersey City-based company, will retire Jan. 31. Pasternak, 47, will remain as a consultant until July 8 and will continue to serve on the board of directors until his term expires in May.
Peter S. Hajas, 41, the company’s president and chief operating officer, will replace Pasternak as chief executive on an interim basis.
Charles V. Doherty, a board member since 1998, will become chairman and will oversee the search for a permanent successor to Pasternak, who plans to seek a public service position and may run for elected office.
``The time is right for me to step down,″ Pasternak said. ``I enjoyed good fortune and success during my career on Wall Street, and I intend to work just as hard to ensure the same result in public service.″
The company’s stock fell 47 cents to $11.84 in afternoon trading Tuesday on the Nasdaq Stock Market.