LONDON (Alliance News) - Inter-dealer money broker Tullett Prebon PLC said Monday the chief operating officer of ICAP PLC will not to take up an offered position in the company resulting from Tullett's proposed acquisition of ICAP's voice broking and information business.
In November 2015, Tullett Prebon and ICAP reached an agreement for Tullett to buy ICAP's voice broking and information business, which Tullett said it will rename TP ICAP.
Tullett said Ken Pigaga, current COO of ICAP, has decided not to take up the offered position of director and COO in the proposed TP ICAP, but Tullett said it remains "confident that the transaction is on track to close in 2016".
The reason for Pigaga not taking up the position was not disclosed, and Tullett said an announcement on the role of COO of TC ICAP will be made in due course. It also didn't say whether or not Pigaga will remain with ICAP, set to be renamed NEX Group PLC.
"On behalf of everyone at Tullett Prebon, I would like to thank Ken for his work on the transaction and wish Ken all the best for the future. We have an excellent management team in place for TP ICAP, drawn from the ranks of both companies, which will bring a wealth of diverse experience, technical depth and outstanding leadership qualities to the new group" said Tullett Chief Executive John Phizackerley.
By Adam Clark; email@example.com
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