Exclusive-Nasdaq prepares to name former UBS executive Youngwood as new CFO -sources

3 weeks ago 61

The Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York

The Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., December 3, 2021. REUTERS/Jeenah Moon Acquire Licensing Rights

NEW YORK, Aug 29 (Reuters) - Exchange operator Nasdaq Inc (NDAQ.O) is preparing to name former UBS Group AG (UBSG.S) executive Sarah Youngwood as its new chief financial officer, people familiar with the matter said on Tuesday.

Nasdaq's current CFO Ann Dennison is expected to step down from her role, the sources said, requesting anonymity as the matter is confidential. Youngwood's appointment is expected to be announced in the coming days, the sources said.

Nasdaq did not immediately respond to requests for comment. Youngwood and Dennison were not immediately available for comment.

The move to bring in Youngwood comes amid Nasdaq's efforts under Chief Executive Adena Friedman to reshape itself as a major player in the financial technology industry.

In June, Nasdaq agreed to buy software firm Adenza for $10.5 billion as part of that strategy.

Last year, Nasdaq reorganized its business into three key divisions, as part of its strategy to diversify its portfolio of technology and intellectual property and bolster more high-growth areas as it looked to move away from its traditional focus on equities trading.

Earlier this year, Nasdaq appointed Tal Cohen and Nelson Griggs each as presidents, formalizing the corporate structure the company put in place to boost its efforts in major growth areas, like anti-financial crime software.

Youngwood, who has joint French-U.S. citizenship, was named group CFO at UBS in December 2021 and started in the role in May 2022. Earlier this year, Youngwood left UBS after it completed its deal to buy Credit Suisse.

Prior to her role at the Swiss bank, Youngwood had been at JPMorgan Chase & Co (JPM.N), serving as the financial chief of its Consumer & Community Banking line of business. At JPMorgan, Youngwood held a variety of roles during her 25-year stint at the bank, according to her LinkedIn profile.

Dennison joined Nasdaq in 2015 as chief accounting officer and was elevated to CFO in March 2021. Prior to joining Nasdaq, Dennison served as head of financial reporting at Goldman Sachs Group (GS.N).

Reporting by David French and Anirban Sen in New York; Editing by Lisa Shumaker

Our Standards: The Thomson Reuters Trust Principles.

Anirban Sen is the Editor in Charge for U.S. M&A at Reuters in New York, where he leads the coverage of the biggest deals. After starting with Reuters in Bangalore in 2009, Anirban left in 2013 to work as a technology deals reporter in several leading business news outlets in India, including The Economic Times and Mint. Anirban rejoined Reuters in 2019 as Editor in Charge, Finance to lead a team of reporters, covering everything from investment banking to venture capital. Anirban holds a history degree from Jadavpur University and a post-graduate diploma in journalism from the Indian Institute of Journalism & New Media. Contact:+1 (646) 705 9409

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