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NEW YORK (AP) - The return of a familiar face at the helm has paid off for Investment Technology Group Inc. Nearly a year after retaking the chief executive reins of the New York trading-services company, Raymond Killian can point to a higher stock price and improved financial results as endorsements of his return for a third stint as ITG's CEO. A recent acquisition also won some plaudits from Wall Street. But longer-term concerns still loom, such as CEO succession and whether ITG can continue to thrive as an independent company.
In the meantime, Killian is basking in the glow of a resurgent stock price. The shares were stuck in the low teens in the days leading up to his return, hitting a 52-week low of $13.35 on Sept. 9. That night, ITG announced that Robert Russel would step aside and Killian, the company's chairman, would come back as CEO. The shares have advanced since then — although they're still well below the levels in earlier years — and set a 52-week closing high of $27.38 Thursday.
"I think he's definitely turned the ship around," said Richard Repetto, an analyst at Sandler O'Neill & Partners. Repetto, who doesn't own ITG stock, raised his rating on ITG shares to a "hold" from a "sell" in July.
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