Orc Software: Chairman of the Board becomes new COO
STOCKHOLM--(BUSINESS WIRE)-- Regulatory News:
– Markus Gerdien to take on an operating role at Orc Software (STO:ORC)
Orc Software – quoted on NASDAQ OMX Stockholm - Chairman Markus Gerdien will take up the newly established post of Chief Operating Officer (COO) of the company, and will thus leave the company’s board of directors with immediate effect.
“I am very pleased that Markus Gerdien is willing to assume an operating role again. We have worked together earlier and I know what an asset he will be when it comes to capturing the major business opportunities for Orc’s services and solutions,” says Thomas Bill, CEO of Orc Software.
Markus Gerdien has considerable operative experience of technology solutions for the financial market. Aside from being Chairman of Orc Software since 2007, he has held the post of President at OMX Market Technology. In the capacity of CEO, he has also worked together with Thomas Bill at Front Capital Systems. He left NASDAQ OMX Stockholm in 2008 to focus on his board duties.
“For some time I have been eager to return to a more operating role. In my discussions with Thomas Bill about how Orc Software can best exploit its strong market potential, it became clear that I would fit into the role of COO. Being able to both work in an operating capacity and continue at Orc Software is ideal,” says Markus Gerdien.
The decision to appoint Markus Gerdien as COO of Orc Software means that he will leave his seat on the company’s board with immediate effect and resign as a member of the nominating committee. Patrik Enblad has been appointed as the new Chairman, until the Annual General Meeting. Patrik Enblad, CEO of Newsec, has served on Orc’s board since 2005.
Markus Gerdien will assume his position as COO in mid-March.
The information in this press release has been made public by Orc Software AB in accordance with the Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for publication on February 10, 2011 at 9.40 a.m. (CET).
About Orc Software
Orc is a leading provider of technology and services for the global financial industry. Orc delivers trading and market access solutions that are used by proprietary trading and market making firms, investment banks, hedge funds and brokerage houses worldwide.
Available as deployed software or as managed services, Orc develops and provides the tools needed for running profitable trading or brokerage businesses in today’s competitive and ever-changing markets.
Built on Orc’s in-depth of knowledge of the trading world, Orc Trading and Orc Brokerage solutions offer strong analytics, unmatched market access, high-frequency trading capabilities, automated trading strategies and execution, ultra-low latency and effective risk management.
Complementing the Orc Group’s trading technology solutions, our Neonet business unit offers low-latency brokerage services to professional market participants, with clients in over 25 countries globally. CameronTec, an Orc group company, is the market leader in FIX infrastructure and connectivity solutions.
With market presence in all major global financial centers, Orc provides sales and support services from its offices across EMEA, the Americas and the Asia-Pacific regions.
Orc Software is publicly traded on NASDAQ OMX Stockholm (SSE: ORC).
N.B. The English text is a translation of the Swedish text. In case of discrepancy between the Swedish and the English text the Swedish version shall prevail.
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Thomas Bill, CEO
+46 8 506 477 35
KEYWORDS: Europe Sweden
INDUSTRY KEYWORDS: Technology Software Professional Services Finance