New York, August 7 (FinanceEnquiry.com) – Chief Executive, Thomas Joyce, of Knight Capital Group Inc (NYSE: KCG) helped the company steer from insolvency, however, the travails of the company have come at a personal cost of $17 million.
As of January 31, Joyce who was the owner of 1.3 percent of the company has suffered the biggest loss in a group of executives who own 1.8 percent of the tradable shares of the company. The stake of shareholders has been trimmed by more than 70 percent due to the $400 million bailout of the firm that handles about 10 percent of market making in U.S.-listed stocks.
The company announced that it will hire three members to its board. Blackstone, General Atlantic LLC and Jefferies, each will select one member.
The shares of the company have tumbled more than 70 percent and it has suffered losses amounting to $440 million since the programming malfunction happened on August 1.
The rescue means that the firms like Blackstone Group LP (NYSE: BX), Jefferies Group Inc (NYSE: JEF) and TD Ameritrade Holding Corp (NYSE: AMTD) own a controlling stake.
As investors hope more of company’s shares to enter the market through convertible securities, the shares of the New Jersey-based company skidded 24 percent to to $3.07 in New York.
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