Instinet President Resigns - TheStreet

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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%.