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NEW YORK - Virtu Financial, Inc. (NYSE:VIRT), a $6.8 billion market cap financial services firm that has delivered an impressive 62.6% return over the past year, announced Wednesday that its Board of Directors has appointed Aaron Simons, the company’s longtime Chief Technology Officer, as its new Chief Executive Officer and board member.
Simons succeeds Douglas Cifu, who is retiring as CEO but will remain an advisor to the company. Cifu, a co-founder of Virtu, helped grow the firm from its founding through its IPO in 2015 and subsequent acquisitions of KCG and ITG. Under his leadership, the company has maintained consistent dividend payments for 11 consecutive years, with a current yield of 2.2%.
The new CEO joined Virtu in 2008 after completing postdoctoral research in theoretical physics and has worked across trading and technology within the firm. As CTO, Simons oversaw all technology and infrastructure, including post-merger technology integrations of both KCG and ITG.
"Having worked closely with Aaron for over a decade in his role as Chief Technology Officer, the Board is confident that he possesses the leadership, judgment, and vision to build on our momentum," said Michael Viola, Chairman of Virtu Financial, in a press release statement.
Cifu described his tenure as "the privilege of my career" and thanked his partner Vincent Viola for the opportunity to lead the company.
Simons expressed gratitude for the trust placed in him by the Board and acknowledged the strong foundation established under Cifu’s leadership.
Virtu Financial provides liquidity and trading solutions across global markets, offering services in execution, liquidity sourcing, analytics, and multi-dealer platforms across multiple asset classes including equities, ETFs, foreign exchange, futures, and fixed income. According to InvestingPro analysis, the company maintains strong profitability with a 54.6% gross margin and appears slightly undervalued at current levels. For detailed insights and additional analysis, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Virtu Financial held its 2025 annual meeting of stockholders, where several governance measures were approved. During the meeting, three Class I directors, William F. Cruger, Jr., Christopher C. Quick, and Vincent Viola, were elected to the board with significant majorities. This development was detailed in a recent SEC filing. Additionally, BofA Securities downgraded Virtu Financial’s stock from a Buy to a Neutral rating, setting a price target of $43. This adjustment comes amid ongoing global trade disputes impacting the economy. Despite the downgrade, Virtu Financial has shown notable growth, with a year-to-date return of 17% and a 75% increase over the past year. This performance is attributed to strong volumes in its Market Making and Execution Services divisions. BofA Securities highlighted that these segments benefited from trade conflicts, aligning with trends observed during previous market downturns.
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