The head of Citadel Investment Group's broker-dealer unit plans to retire from the firm.
Andrew Kolinsky will leave Citadel Execution Services next month. He's expected to be succeeded as the group's president by Jamil Nazarali, a senior managing director at the firm.
Kolinsky's exit—the latest in a several-years-long string of high-profile departures from Citadel—has nothing to do with Citadel's Facebook trading fiasco, which cost Kolinsky's unit some $35 million, Dow Jones Newswires reports. Instead, the transition has been planned for some time, with Kolinsky expected to stay on until the middle of next month.
Nazarali was a senior trader with Knight Capital Group—also burned by glitches in Facebook's Friday initial public offering—before moving to Citadel.