Kevin Turner, who joined Citadel Securities as chief executive officer after a career that led from Wal-Mart cashier to the top-paying job at Microsoft Corp., is leaving the market-making firm just months after he was hired.
Bloomberg News reports that Peng Zhao, previously global head of market making, replaced Turner as CEO, said company spokesman Zia Ahmed.
When it was announced in July that Turner was coming aboard, Zhao was promoted to chief scientist, a role created specifically for him. Zhao has worked at Citadel Securities since 2006.
At Citadel Securities, the trading firm affiliated with Ken Griffin’s $26 billion hedge fund, the 51-year-old Turner joined an industry unlike the retail and tech worlds where he had thrived. The company says it handles about 18% of volume in the U.S. stock market, accounts for more than one-third of all retail stock orders, and matches more than one in five of all U.S. listed options trades.
Turner’s departure was the second executive loss for Citadel Securities in recent weeks. Tian Zeng, who led Citadel Securities into the market for credit-default swaps, left earlier this month after a year at the firm.
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