Ken Pigaga, 62, Icap’s chief operating officer, was set to take up the same role at the enlarged Tullett Prebon on completion of the deal, which was struck in November 2015. But in a September 26 statement, Tullett said Pigaga had decided “not to take up the position” and that an announcement about a COO appointment would be made in due course.
The £1.2 billion-pound tie-up will give Tullett additional scale as a voice broker, while Icap will rebrand as Nex Group and focus on electronic markets, post-trade and financial technology.
The intention had been for Pigaga to step down from Icap on completion of the deal and move to Tullett, which will be rebranded TP Icap. He remains in discussions with Icap and Tullett about his future, according to a spokeswoman for Icap.
John Phizackerley, chief executive of Tullett, said in a statement: “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.”
Prior to his promotion in November 2013, Pigaga was Icap’s chief operating officer for the Americas. Before joining Icap in 2006, he held roles in investment banking at JP Morgan, Goldman Sachs and Salomon Brothers.
On September 9, Icap named Seth Johnson as CEO of EBS BrokerTec, its bond and currency platform business. Johnson was previously head of strategy for Icap’s voice-broking arm.