In an effort to improve automated marketing and trade functionality, Citadel Securities has hired former Microsoft executive B. Kevin Turner. As the chief executive officer of Microsoft for 11 years, Turner has extensive experience in working with technology firms to set innovative goals and exceed client expectations. To that end, his new position at Citadel Securities is that of CEO, and he also a new vice chairman position at Citadel.
Of course, Turner has more experience than just Microsoft, as he also worked for many years at Walmart. Starting from cashier position, Turner was able to slowly work his way up until he became the chief information officer.
While Citadel Securities is already one of the largest ranked firms for trading volume, this talent acquisition is interesting for what it means for future hedge fund management firms. Specifically, firms are increasingly conducting all of their trades through automated programs, making them more reliant on technology for financial decisions than ever before. It’s easy to see how firms are thus more concerned with finding talent that is comfortable in this field and able to adapt accordingly.
In fact, many other firms are seeking out technology experts to join their teams in high-level positions. As recently as March, Bridgewater hired Jon Rubinstein, who had previously worked with Steve Jobs at Apple.
For his part, Turner has said that he is excited to transition into a new field and bring his unique mix of competitiveness and innovation to Citadel Securities.
Kevin Turner has been chief operating officer at Microsoft since 2005, after leaving a hard-earned position at Walmart, where he rose from the ranks of cashier to CEO of Sam’s Club. The man is not without ambition, but some colleagues at Microsoft insinuate that Turner was not flexible under CEO Satya Nadella’s leadership.
In fact, Turner’s position has been taken over by five different people, two of whom used to report directly to Turner but will now report directly to CEO Nadella.
It appears Nadella might have viewed Turner’s position as inconsequential and unnecessary. However, if both Judson Althoff, who is responsible for commercial, enterprise and public sector customers, as well as Jean Philippe-Courtois, who handles global sales and marketing operations, now report directly to Nadella, then it could be that Turner, a historically ambitious man, found himself with no room to grow. Enter Citadel Securities.
Citadel Securities is a “global market maker across a broad array of fixed income and equity securities.” The company manages investments across private and public entities. Turner accepted the position of CEO of Citadel Securities and a vice chairman of Citadel, its parent company.
In a video interview on Citadel Securities homepage, Turner explained that he wanted to work at Citadel because the culture centered around nurturing and developing talent and the acquisition of knowledge. Considering how Walmart nurtured Turner’s talent, invested in him, taught him and provided him with opportunities to rise, it follows that Turner would appreciate that type of business environment.