Virtu Founder Won't Sell Stock After Being Nominated To Be Secretary Of The Army

The holding company for Vincent Viola, the founder, executive chairman and majority holder of Virtu Financial , doesn't plan to divest his holdings in the high-frequency trading firm after Viola was nominated to be secretary of the Army. Viola will seek an "orderly and appropriate" transition from his role as chairman upon confirmation, Virtu said in a statement. The company's current CEO, Douglas Cifu, will be Viola's successor if Viola is confirmed, the company added. Viola is a West Point graduate and U.S. Army veteran and also chaired the New York Mercantile Exchange.