In a move that startled the listed derivatives markets this afternoon in New York, the largest futures broker, MF Global, announced that Jon Corzine, former chairman of Goldman Sachs and governor of New Jersey, would replace Bernie Dan as its CEO.
Dan has “resigned from MF Global as CEO and as a director for personal reasons,” the company declared at about 3.30pm New York time on Tuesday.
The move, which takes effect immediately, is surprising because Dan had only been in the post since October 2008. He had been appointed by MF Global with high hopes that he would restore its fortunes after a wheat trading scandal under the previous regime of long time CEO Kevin Davis.
Dan had joined the company as North American COO in June 2008, was promoted in September to president and COO and then became CEO when Davis resigned in October.
Dan is one...