Instinet President Resigns - TheStreet

Electronic stock exchange

Instinet

(INET)

said its president resigned for undisclosed reasons. The resignation came on the eve of the company's earnings release.

Mark Nienstedt, who briefly served as the company's acting CEO during a management shakeup last April, will remain on the Instinet board and be an adviser to the company following the resignation, which is effective immediately.

Instinet said it won't appoint a new president for now. Nienstedt's appointment to the position followed Instinet's purchase of rival electronic crossing network Island, a move that resulted in the elimination of about 300 jobs, or 17% of its workforce.

Instinet shares ended at $3.51 Monday, up 1 cent, or 0.3%.