In an SEC filing, Virtu Financial, Inc (NASDAQ:VIRT) has confirmed the resignation of Glenn Hutchins. On August 17, 2021, Mr Hutchins resigned from the Board of Directors of Virtu Financial and the Board’s Strategy Committee and Risk Committee, effective immediately.
Mr Hutchins was nominated to the Board by Ordinal Holdings I, LP (f/k/a North Island Holdings I, LP) pursuant to a nomination right held by Ordinal under that certain Amended and Restated Investment Agreement. Pursuant to the agreement, Ordinal is entitled to nominate two directors to the Board so long as Ordinal beneficially owns at least 50% of its shares of the Company’s Class A common stock held as of the closing of the investment contemplated by the Investment Agreement, and entitled to nominate one director so long as Ordinal beneficially owns less than 50% but at least 25% of its shares of the Company’s Class A common stock held as of the closing of the Ordinal Investment.
On August 12, 2021, Ordinal entered into that certain Purchase Agreement with the Company, pursuant to which the Company agreed to repurchase from Ordinal 1,500,000 shares of the company’s Class A common stock in accordance with the company’s previously disclosed share repurchase program.
Immediately following the closing of the Stock Purchase on August 13, 2021, Ordinal holds less than 50% but more than 25% of the shares of the Company’s Class A common stock that it held as of the closing of the Ordinal Investment, and in accordance with sections 4.4(a) and (c) of the Investment Agreement, Mr Hutchins immediately resigned from the Board.
His departure is not due to any disagreement with the Board or Virtu’s management or any matter relating to the company’s operations, policies or practices. Following Mr. Hutchins’ resignation, the Board consists of eleven directors. Ordinal’s other director nominee, Mr Robert Greifeld, remains the Chairman of the Board.
Glenn Hutchins is Chairman of North Island and North Island Ventures and a co-founder of Silver Lake. He is a director of AT&T and Digital Currency Group; Co-Chair of the Brookings Institution and CARE; Vice Chair of the Obama Foundation; on the Executive Committee of the Boston Celtics Basketball Team; and a board member of the New York Presbyterian Hospital. He is also a member of the International Advisory Board of GIC Private Limited, the sovereign wealth fund of Singapore.
He was a Director and Chair of Audit and Risk Committee of the Federal Reserve Bank of New York from 2011- 2020. Mr Hutchins also served President Clinton in both the transition and the White House as a special advisor on economic and health-care policy.
He was previously chairman of the board of SunGard Data Systems, Inc. and Instinet, Inc. and a long-time director of Nasdaq, Inc. He was also a director of the Harvard Management Company for a decade and co-chairman of Harvard University’s capital campaign.
Mr Hutchins holds an A.B. from Harvard College, an M.B.A. from Harvard Business School, and a J.D. from Harvard Law School.