Virtu Financial Promotes Cindy Lee to CFO, Publishes Q1 2024 Financial Results

Leading global market maker, Virtu Financial, has announced the promotion of Cindy Lee, currently Deputy CFO, to the role of CFO. The company also published its financial results for the first quarter ended March 31, 2024.

During Q1 2024, Virtu Financial generated a total revenue of $642.84 million, reflecting a 3.6% increase compared to the year-ago quarter's $620.38 million. Net trading income experienced a slight decrease of 1.1% from $412.51 million to $408.10 million on a year-on-year basis. The adjusted net trading income also dropped by 1.7% YoY from $373.08 million to $366.87 million.

Net income for the quarter reached $111.31 million, a slight increase compared to $110.08 million in the corresponding period of the previous year. However, the normalized adjusted net income declined by 2.6% YoY from $127.55 million to $124.28 million.

Net income available for common stockholders was reported at $55.82 million, a 3.6% decrease compared to $57.88 million in the same quarter in 2023.

Basic and diluted earnings per share remained steady at $0.59 for the period, compared to $0.56 per share in the year-ago quarter. The company's adjusted EBITDA stood at $202.83 million with a margin of 55.3%, compared to $207.47 million and 55.6% in Q1 of the previous year.

Alongside these financial results, Virtu Financial announced the planned transition of CFO, appointing Cindy Lee to replace Sean Galvin, who has served as CFO since 2020. Galvin will continue to be part of Virtu Financial in a senior capacity.

Cindy Lee has been with Virtu Financial since November 2011, initially joining as a Controller and later assuming the position of Deputy CFO in August 2020. She has played a pivotal role in automating financial processes across Virtu's global offices and has been instrumental in the successful completion of Virtu's IPO in 2015, as well as the integration of various acquisitions, including KCG in 2017 and ITG in 2019.

Prior to her tenure at Virtu Financial, Cindy Lee held key roles at prominent financial services providers, including RBS Global Banking & Markets and Deloitte & Touche, where she served as an Analyst and Senior Audit Assistant, respectively. She holds Master's and Bachelor's Degrees in Accounting from the University of Connecticut.

Douglas A. Cifu, CEO at Virtu Financial, commented on the appointment: "Cindy has been with Virtu for 13 years and has become a true leader. She has worked incredibly hard and mastered our finance operations which we are very proud of. Her deep institutional knowledge of Virtu and experience will benefit us in all aspects of financial reporting and finance. Cindy's dedication to Virtu and her performance sets the standard across our firm."