Investors Bet on eSpeed's New CFO - TheStreet

Investors Bet on eSpeed's New CFO

After the announcement, the company's stock climbs 7%.
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Investors were taking news of

eSpeed's

(ESPD)

new chief financial officer surprisingly well Tuesday, giving the downtrodden stock its first lift in weeks.

Jeffrey Goldflam, formerly CFO at

Societe Generale

unit

FIMAT

, takes over the post from Kevin Piccoli, who has held the position since September 1999, when the company first got up and running. During that time, Piccoli remained chief financial officer of bond house

Cantor Fitzgerald

, which started eSpeed.

A spokesman for eSpeed, which operates an electronic fixed-income exchange, said Piccoli is also leaving Cantor to "pursue other opportunities."

Investors apparently think the change will be good for eSpeed and were driving the stock up about 7.7%, or $1.94, to $27. The stock had fallen almost 20% this month and is off about 30% for the year.

While eSpeed's initial push has been in fixed income, the company has marketed itself more and more as a creator of business-to-business marketplaces, recently signing a deal to create an auction marketplace for

Visible Markets

that will sell mortgage-backed securities, asset-backed securities and investment-grade corporate bonds.