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Alpha Group CEO Schmitt steps down after TMX takeover

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Jos Schmitt is stepping down from his post as chief executive of stock-trading platform Alpha Group, which was acquired by a group of Canada's largest financial institutions and merged with larger rival TMX Group (X-T) over the summer.

Randee Pavalow, Alpha's chief listings officer and general counsel, is also leaving the company, TMX said in a statement on Monday. Both moves are effective October 31.

"We respect their decision to leave the company and look forward to working with them between now and the end of October to ensure a smooth and seamless transition for our clients," said Kevin Cowan, president of TMX's TSX Markets division.

Maple Group, a consortium of some of Canada's top banks, pension funds and insurers, paid about $4 billion for TMX, Alpha, and the Canadian Depository for Securities, in a deal that closed in early August. Maple has since renamed itself TMX.

New leadership for Alpha will be announced before the executives depart, TMX said.

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