Michael Moreau steps down as CEO of Genesis Trading
- August 17, 2022
- 0
Genesis Trading CEO Michael Moreau left the company after seven years, including six years as CEO of a cryptocurrency OTC platform. Speaking to The Block, the firm said
Genesis Trading CEO Michael Moreau left the company after seven years, including six years as CEO of a cryptocurrency OTC platform.
Speaking to The Block, the firm said Genesis Trading would lay off one in five employees as part of its “strategic priorities” to improve business efficiency and overall infrastructure, including areas such as risk, compliance and technology.
Derar Islam was appointed as interim CEO. Moreau will continue to advise the company during the transition period.
Tom Conhini, former Chairman of SAC Capital and Point72 Asset Management, will become a senior advisor to Genesis Trading. The strategy will assist Islam in trading, lending and risk management.
On July 17, the platform also appointed new directors of risk, compliance, legal, finance and technology.
Recall that in July it became known that the hedge fund Three Arrows Capital owed Genesis Trading $ 2.36 billion.
Earlier, the head of Moro admitted in June that the OTC platform had liquidated the positions of Three Arrows Capital.
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