Nasdaq, Inc. (NASDAQ:NDAQ) today announced the retirement of Lars Ottersgård, Executive Vice President for Market Technology, after 16 years providing leadership to the organization.

Ottersgård will transition into an advisory role on April 30, 2022, until his formal retirement on August 31.

Over a 16-year career at Nasdaq, Ottersgård presided over a near tripling of the company’s market technology franchise and was instrumental in growing the business into one of the world’s largest solutions providers to exchanges, clearing organizations, central securities depositories, regulators, banks, and brokers.

Following a 20-year career at IBM, Ottersgård joined OMX AB in 2006 to lead global sales for the Nordic-based exchange company’s commercial technology business and was appointed to lead the combined market technology businesses following Nasdaq’s landmark merger with OMX in 2008. His vision and leadership resulted in the delivery of Nasdaq’s technology capabilities to more than 130 market infrastructure operators in 50 countries, including one of the largest market infrastructure agreements in industry history.

After the launch of the Nasdaq Financial Framework, Ottersgård led the business into new areas beyond the traditional capital markets, including creating and scaling the company’s anti-financial crime solutions for banks and brokers worldwide, and served a key role in advancing Nasdaq’s cloud journey.

Nasdaq is appointing two senior leaders – Jamie King and Roland Chai – to drive forward its Anti-Financial Crime and Market Infrastructure Technology businesses, respectively, and both will report directly to Nasdaq President and CEO Adena Friedman.

The following leadership changes will be effective from April 4, 2022:

• Jamie King will be elevated to Executive Vice President, Nasdaq, and will assume leadership of Nasdaq’s Anti-Financial Crime (AFC) business. The AFC business comprises solutions used by thousands of banks, exchange operators, and other financial institutions for detecting and fighting financial crime through trade and market surveillance, and Verafin’s fraud detection and anti-money laundering solutions. King is currently President & CEO of Verafin, which he co-founded in 2003.
• Roland Chai, currently Nasdaq’s Global Chief Risk Officer, will be elevated to Executive Vice President and lead Nasdaq’s Market Infrastructure Technology business, which comprises purpose-built products to meet the technology needs of marketplace infrastructure clients. Prior to joining Nasdaq in 2020, Chai served as Head of Post-Trade and Group Risk Officer at the Hong Kong Exchange. He previously served as Head of Equities at LCH Ltd after beginning his career in software development.

As a result of these changes, John Zecca, Nasdaq’s Chief Legal & Regulatory Officer, will assume management of Nasdaq’s Group Risk Management team from Roland Chai and will become Chief Legal, Risk & Regulatory Officer.