BATS board backs CEO, will seek new chairman
KANSAS CITY, Mo. — BATS Global Markets Inc.’s board of directors says it supports CEO Joe Ratterman, but it wants someone else to take on his role as chairman of the stock exchange operator.
The move comes two days after Ratterman issued a public apology for withdrawing the company’s initial public offering after an embarrassing computer glitch.
BATS’s board issued a statement Tuesday saying it unanimously backs Ratterman in his roles as CEO and president.
But it is also severing the roles of CEO and chairman, a title Ratterman has held since 2007.
Ratterman will remain chairman until the company names a replacement.
Trading of BATS’ shares was halted on Friday on its own exchange due to a glitch with the pricing of the stock.
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