For immediate release
Investor Relations: Media Relations:
Harlan Flint Calvin Mitchell
Instinet Group Incorporated Instinet Group Incorporated
212 310 7264 212 310 7520
harlan.flint@instinet.com calvin.mitchell@instinet.com
INSTINET ANNOUNCES MANAGEMENT CHANGES
CEO DOUG ATKIN RESIGNS
New York, April 9, 2002 - Instinet Group Incorporated (Nasdaq: INET) announced
today that Douglas M. Atkin, President and Chief Executive Officer, is leaving
the Company to pursue other business interests.
Andre F.H. Villeneuve, Chairman of Instinet's Board of Directors, said, "We wish
to thank Doug for his many years of excellent and dedicated service to Instinet
and for the immense contribution he has made to growing the Company's business.
His extraordinary vision and knowledge have helped place Instinet at the
forefront of U.S. and international securities markets, and his positive
influence on making markets more efficient has benefited investors globally. The
Board is committed to ensuring that Instinet continues to build on that leading
position. Our priorities are to deliver enhanced performance to our customers,
execute on our plan to improve profitability and play an important role in the
ongoing development of the securities markets."
Mark Nienstedt, currently Chief Financial Officer, has been appointed to serve
as acting President and Chief Executive Officer. Jean-Marc Bouhelier, currently
Executive Vice President in charge of Instinet's U.S. Institutional and
Professional Business, has been appointed Chief Operating Officer. Mr.
Villeneuve added, "Mark Nienstedt and Jean-Marc Bouhelier are capable leaders
with substantial industry experience. With the full backing of the Board, they
will head ongoing efforts to build Instinet's business and improve the Company's
profitability."
"I have enjoyed immensely my time at Instinet but I want to move on and focus on
other interests including my Board position at ClickIQ, Incorporated," said
Atkin. "I applaud the entire Instinet team for developing the company from a
small up-start into its leadership position in the global brokerage and ECN
business. I have tremendous confidence that, under Mark and Jean-Marc's
leadership, Instinet's position will only get stronger."
Kenneth K. Marshall, Chief Operating Officer, has decided to use this
opportunity to retire. However, at the request of the Chairman, Mr. Marshall has
agreed to serve until year-end as a special consultant to the Board and Mr.
Nienstedt. "We are pleased that we will continue to benefit from Ken Marshall's
experience during his consultancy period," said Villeneuve.
Mark Nienstedt has been Executive Vice President and Chief Financial Officer
since 1999. Beginning in 1995, he was Chief Operating Officer of Instinet
International Limited, based in London. Mr. Nienstedt joined Instinet in 1985.
Prior to joining Instinet in June 2000, Jean-Marc Bouhelier was Global Equity
Chief Technology Officer at Merrill Lynch. He has held a variety of senior
management positions in New York, London and Paris.
Acting at a special meeting today, the Board appointed a committee to assist
with the management transition. Chaired by Mr. Villeneuve, the committee will
include Board members Jack Bogle and Ian Strachan. Mr. Bogle serves as an
independent Director of Instinet and is President of the Bogle Financial Markets
Research Center and founder of The Vanguard Group. He also serves as a Director
of Nekema.com, Inc. Mr. Strachan is a member of Instinet's Board and chairs the
Board's Compensation and Audit Committees. He has also been a Director of
Reuters Group PLC since May 2000 and is a Director of Transocean Sedco Forex
Inc., Harsco Corporation and Johnson Matthey plc.
As previously announced, Instinet will release first quarter 2002 earnings on
April 18. Mark Nienstedt will host a conference call that day to discuss these
results with the investment community.
About Instinet
Instinet, through affiliates, is the largest global electronic agency securities
broker and has been providing investors with electronic trading solutions for
more than 30 years. Our services enable buyers and sellers worldwide to trade
securities directly and anonymously with each other, have the opportunity to
gain price improvement for their trades and lower their overall trading costs.
Through our electronic platforms, our customers also can access over 40
securities markets throughout the world, including Nasdaq, the NYSE and stock
exchanges in Frankfurt, Hong Kong, London, Paris, Sydney, Tokyo, Toronto and
Zurich. We also provide our customers with access to research generated by us
and by third parties, as well as various informational and decision-making
tools. Unlike most traditional broker-dealers, we act solely as an agent for our
customers and do not trade securities for our own account or maintain
inventories of securities for sale. For more information, please go to
www.instinet.com.
# # #
This press release is for information purposes only and is not intended as an
offer or solicitation with respect to the purchase or sale of any security.
(C) 2002 Instinet Corporation and its affiliated companies. All rights reserved.
INSTINET and the INSTINET Mark are service marks in the United States and in
other countries throughout the world. Approved for distribution in the UK by
Instinet Europe Limited, which is regulated by the FSA and a member of the LSE.
Instinet Europe Limited and Instinet Corporation (member NASD/SIPC) are
subsidiaries of Instinet Group Incorporated.
This news release may be deemed to include forward-looking statements relating
to Instinet. Certain important factors that could cause actual results to differ
materially from those disclosed in such forward-looking statements are described
in Instinet's Annual Report on Form 10-K for the fiscal year ended December 31,
2001, under the heading `Certain Factors that May Affect Our Business', and
other documents filed with the SEC and available on the Company's web site.
Certain information regarding Nasdaq trading volumes is also included in the
Form 10-K and on the Company's web site.