Virtu Financial Confirms Resignation of Glenn Hutchins

​(Source: Care.org)

Virtu Financial, Inc, a US electronic market maker, has confirmed in an SEC filing that Glenn Hutchins resigned from the Board of Directors of Virtu Financial and the Board’s Strategy Committee and Risk Committee.

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, dated as of June 23, 2017, by and between Virtu Financial and Ordinal.

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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 Virtu’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 Virtu’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 Virtu Financial, pursuant to which Virtu Financial agreed to repurchase from Ordinal 1,500,000 shares of Virtu’s Class A common stock in accordance with Virtu’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 Virtu’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.

Mr Hutchins’ departure is not due to any disagreement with the Board or Virtu’s management or any matter relating to Virtu’s operations, policies or practices. Following his resignation, the Board consists of 11 directors. Ordinal’s other director nominee, Mr Robert Greifeld, remains the Chairman of the Board.

Glenn Hutchins now also holds directive/executive positions at many firms and institutions, including Chairman of North Island and North Island Ventures, co-founder of Silver Lake, director of AT&T and Digital Currency Group, Co-Chair of the Brookings Institution and CARE and member of the International Advisory Board of GIC Private Limited, the sovereign wealth fund of Singapore.