In a widely anticipated move, the Nasdaq OMX Group (NASDAQ:NDAQ) told investors and analysts on Tuesday that Magnus Bocker would be stepping down soon as the company's president.
In a brief statement, the Nasdaq said that Bocker will be joining the Singapore Exchange Limited as chief executive beginning in December. His last day in his current role is expected to be Sept. 2.
"We are grateful for his valuable contributions over the last 18 months, including executing on our successful integration as well as his achievements in moving our listings and market technology business forward," said Bob Greifeld, the Nasdaq's CEO, in the statement.
Bocker was named president of Nasdaq after it merged with the OMX Group last February. He was responsible for listings, corporate services and market technology at the Nasdaq OMX Group.
His responsibilities will be assumed by two current Nasdaq managers: Bruce Aust, executive vice president of the firm's global corporate client group; and Anna Ewing, executive vice president and chief information officer, who will focus on market technology.
"I have enjoyed my time in New York and take great satisfaction in having seen through the very successful integration of Nasdaq OMX, with synergies achieved seamlessly and ahead of schedule," said Mr. Bocker in the same statement.