Sadoff to Depart Knight
January 25, 2013
Steve Sadoff, one of the top chief information officers on Wall Street as recently as 2010, will leave Knight Capital Group, in a reorganization.
In announcing its fourth quarter earnings Thursday, Knight said it will discontinue its correspondent clearing operation. In October, Sadoff was moved from his position atop the company's technology and operations, to head the correspondent clearing business.
With the closing of that unit, Sadoff will leave Knight.
"Steven performed tremendous work in leading Knight's technology and operations, and we thank him for his service," said chief executive Tom Joyce, in a statement.
The reorganization is the latest ripple effect of its near-fatal August 1 technical mishap that cost if more than $460 million.
The flood of erroneous orders that a software bug caused at the opening of markets that day cost the company $457.6 million and pushed the company into the arms of new investors who injected $400 million. Then, one of those investors, GETCO, arranged a takeover of Knight. During the fourth quarter of 2012, the company said the mishap and the merger cost it another $7.7 million.
In October, Knight created a risk management committee and put chief financial officer, Steven Bisgay, in charge of technology and operations,.
Sadoff, who had been global head of operations, services and technology, had overseen the buildout of Knight’s trading floor technology and communications infrastructure.
In 2010, Sadoff was named one of the top 10 chief information officers on Wall Street by Securities Technology Monitor.
Here's the complete top 10.