Axiom Accepts Senior Officers Resignations, Appoints New CEO
Bloomberg, June 21 2005
June 21 -- The Board has accepted the resignations of Wesley Wang and Nicholas Stephan as officers and members of the Board, effective immediately.
In addition, the Board has re-appointed Mr. Cawley as Chief Executive Officer. Mr. Cawley, who founded the firm in 2002 and served as CEO until December 2004, is an experienced trader and executive, and the Board has complete confidence in his abilities and character.
Mr. Cawley said: "The allegations made against me were untrue, and I am pleased they were withdrawn. I am looking forward to leading Axiom again, and I am eager to restore the firm's culture of professionalism and client service. My priority is to stabilize the firm - retain our best people, strengthen systems and re-establish proper financial controls. There is much to be done, but with good people and the support of our clients we can rebuild the company."
It is the responsibility of the Board to act on behalf of investors to ensure that Axiom's business value is maintained, and its highest priority is to stabilize the company so that it can operate successfully and serve its clients. The company has agreed to repurchase the shares held by Messrs Wang and Stephan, and the company's shareholders expect to appoint two new board members shortly.
Axiom has been one of the fastest-growing brokers in the credit-derivatives market. Under Mr. Cawley's leadership the firm built a reputation for handling large transactions quickly, efficiently and discretely. The market for credit derivative products is growing rapidly, and Axiom has an excellent business model with great growth potential.