MF Global Holdings Ltd (NYSE: MF), a broker-dealer providing trading and hedging solutions, has made several appointments within the firm’s senior management team. Bradley Abelow, the firm’s current global chief operating officer (COO), will assume the additional role of president, while Henri Steenkamp, the firm’s current chief accounting officer and global controller, has been appointed chief financial officer (CFO).
Steenkamp will succeed Randy MacDonald, who has served as CFO for the past three years and was recently appointed global head of the firm’s retail operations.
“This is a critical time for MF Global as we transform our business to better serve clients and deliver greater value to all shareholders,” says Jon S Corzine (pictured), chairman and chief executive officer, MF Global. “In order to successfully reach our goals, we must ensure that our vision is supported by the right mix of talent and leadership. I’m confident that Brad, Henri and Randy’s extensive professional experience and proven management skills will continue to be instrumental in our firm’s transition to an investment banking model.”
Abelow will continue as COO and will assume the additional position of president of MF Global, effective immediately. In this expanded role, Abelow will be responsible for further developing and executing the firm’s new strategic direction, while continuing to oversee risk, operations, transaction services, human resources, information technology, procurement and real estate activities for all MF Global entities.
“MF Global has a clearly defined vision and strategic plan, which leverages the firm’s geographic footprint, leading derivatives position and core franchise in commodities,” says Abelow. “I look forward to focusing on the execution phase of our growth strategy and working toward building MF Global into a leading financial services enterprise.”
Effective April 1, 2011, Steenkamp will succeed MacDonald, who has served as CFO for the past three years and was recently appointed global head of the firm’s retail operations. As CFO, Steenkamp will oversee MF Global’s financial operations, including treasury, accounting, and all global financial control and reporting functions. He will be responsible for aligning MF Global’s finance and capital structures to support the firm’s business strategies and will serve as a member of the firm’s senior management team. He will report directly to Corzine.
“Henri’s achievements during his five years at MF Global – including his role in helping to build our global finance and reporting operations – make him exceptionally qualified to lead this function,” Corzine said. “I am confident that all of our stakeholders will benefit from his financial acumen and sound understanding of MF Global.”
Corzine continues: “I would like to thank Randy for his leadership and significant contributions as CFO during a time of enormous financial stress over the past three years. Given his extensive experience and proven track record in the retail sector, I am certain Randy will be equally successful in leading our global retail operations, an area of great potential for our firm and an important pillar of our strategic path forward.”
