Nasdaq heavyweight to retire 29 January 2016New York Reporter: Stephanie Palmer
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Lee Shavel is retiring as chief financial officer (CFO) and executive vice president of corporate strategy at Nasdaq, effective from 31 March.
Shavel joined Nasdaq in 2011 from Bank of America Merrill Lynch, and has been CFO for almost five years.
In this time he has been credited with improving Nasdaq’s return on invested capital framework and initiating the firm’s divident and dividend policy as a core pillar of capital deployment. He also reorganised the financial reporting in order to improve transparency.
Shavel has been accepted on to the board of directors of a public company.
Ron Hassen, senior vice president and corporate controller at Nasdaq, will serve as interim CFO until a replacement is found. Hassen has been with Nasdaq for 15 years, and has help the interim CFO position before.
Bob Greifeld, CEO of Nasdaq, said: "We have been fortunate to have someone with Lee Shavel's talent and skills working for us."
He added: "He has been instrumental in framing our capital allocation strategy and in helping investors understand the value of our company. We thank him for his valuable service to our organisation and wish him well in the future."
Shavel said: "Having accomplished much during my time here, I leave knowing that the company is in a strong financial position. I am excited to pursue the next chapter of my career which will apply my experience at the corporate board level."
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