The development is significant in two ways: Cunningham’s appointment as NYSE’s first CEO and Thomas Farley’s departure from NYSE to head Far Point, a SPAC, that has the backing of Third Point LLC.
In a first of its kind, the New York Stock Exchange appointed Stacey Cunningham as its Chief Operating Officer.
Cunningham will replace Thomas Farley as head of NYSE, owned by Intercontinental Exchange Inc. She will assume office on Friday.
In June 2015, Cunningham became NYSE’s chief operating officer and managed its governance services, cash equities markets, product management and relationship management.
As per a WSJ report, Farley is set to head Far Point, a new special-purpose acquisition company, or SPAC, that has the backing of Daniel Loeb’s hedge-fund firm Third Point LLC.
The new investment vehicle would be the first of its kind to be raised by an activist hedge fund such as Third Point.