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US: CEO famous for saving sinking KCG with 48-hour merger to resign

By  |  July 3, 2013

The CEO of mega-marketing firm Knight Capital Group Inc. announced his resignation via email Wednesday. Thomas Joyce announced he would leave the position after strengthening Knight for more than 10 years. His biggest legacy, however, is likely to stand as the man who pulled together a buyout of his company in 48 hours after a computer glitch lead Knight to lose about $450 million in a single day last August. The error caused unintended trades to flood the stock markets; to cover the losses, Joyce composed a cash bailout the next week and then sold Knight to Getco LLC. The deal with Getco was finalized this week in a deal worth about $1.4 billion. KCG announced Getco founder Stephen Schuler to take Joyce’s place as non-executive chairman.

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