Intercontinental Exchange said on Monday it appointed Lynn Martin, who runs its Fixed Income and Data Services, as the next president of the New York Stock Exchange.
Martin will succeed Stacey Cunningham, who was the NYSE’s first female president, and Cunningham will join the NYSE’s board of directors, Intercontinental Exchange, which owns the NYSE, said in a press release.
In addition, finance and securities lawyer Sharon Bowen, an ICE and NYSE board member, will become the NYSE’s next Chair.
The leadership shakeup comes as the NYSE faces increasing competition from Nasdaq Inc. Nasdaq has raised a total of $191 billion through IPOs in 2021, nearly double the $109 billion raised at the NYSE, according to data from Dealogic.
Cunningham became NYSE’s chief operating officer in June 2015 and managed the company’s cash equities markets, relationship management, product management, and NYSE governance services.