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Wednesday, December 26, 2012

Knight Capital CEO Joyce gets $7.5 million retention deal, (NYSE: KCG)

Thomas Joyce, whose position as chairman and chief executive of Knight Capital Group was on the line as the company negotiated a takeover earlier this month, will be paid $7.5 million to ensure he remains with the stock-trading company, according to a regulatory filing. The payment will be made to Joyce when Knight is acquired by Getco Holding Co, a high-frequency trading firm that beat out a competitor to acquire Knight for about $1.4 billion.The payment is aimed at ensuring that Joyce remains "through at least the consummation of the proposed transactions" with Getco, it said.The merger, which was announced on Dec. 19, is expected to close in late April or early May.Knight's board is making the payment to ensure Joyce's "continued and dedicated service to the company," Knight's chief financial officer, Steven Bisgay, wrote on behalf of the board in a letter filed with the Securities and Exchange Commission on Christmas Eve.

Knight Capital Group, Inc. is a United States-based company that provides financial services. Shares of KCG fell by 0.57% or $-0.02/share to $3.47. In the past year, the shares have traded as low as $2.24 and as high as $13.59. On average, 4320060 shares of KCG exchange hands on a given day and today's volume is recorded at 1489930.