MF Global CEO Resigns after Bankruptcy

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Jon Corzine, the Chairman and CEO of MF Global has submitted his resignation, barely 20 months after being appointed to head the futures brokerage firm. Corzine’s task was to turn the brokerage firm into an investment bank. He drew a salary of almost $4 million over his tenure and does not plan to seek severance pay. Corzine was the former cochief executive of Goldman Sachs Group Inc. and former governor of New Jersey.

Corzine said in a statement, “I have voluntarily offered my resignation to the Board of Directors of MF Global. This was a difficult decision, but one that I believe is best for the firm and its stakeholders.”

On his resignation, Corzine added, “I feel great sadness for what has transpired at MF Global and the impact it has had on the firm’s clients, employees and many others,” and confirmed his commitment to cooperating with regulatory investigations and the “disposition of the firm’s assets”.

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Published In: Bankruptcy Updates, Business Organization Updates, Finance & Banking Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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