BATS Global Markets, Inc. sent out a press release last night to the media that sounds as though it is a passing of a vote of confidence. It is actually something else. BATS probably had the most embarrassing IPO in history when the exchange had exchange problems on the day of its IPO. The IPO has since been withdrawn.
The BATS Board of Directors stated its unanimous support for President and Chief Executive Officer Joe Ratterman. Ratterman is a founder and has led the company since June 2007. The statement noted, “We fully support his leadership, vision and strategic direction as BATS continues to enhance competition and foster innovation in markets worldwide.”
Here is where this gets interesting: “In addition, as part of an enhanced corporate governance structure, the Board will separate the roles of Chairman and CEO. Mr. Ratterman, who has been Chairman since June 2007, will hold the position until a new Chairman is named.”
In short, Ratterman is losing the oversight control but is keeping the operational control. “Splitting the roles” sure sounds like a demotion after such a large embarrassment as its IPO.
We have sent emails asking how many of the exchange’s technology officers got fired after the IPO SNAFU on Friday, but we have not heard back from the company on that matter.
JON C. OGG
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