By Steve Eder NEW YORK (Reuters) - Jon Corzine, a historic New Jersey governor and a one-time Goldman Sachs Group Inc superintendent executive, was named CEO of MF Global Holdings Ltd , a futures and options intermediary that has baffled cash for the form four quarters. MF Global shares soared 9 percent on the news programme that Corzine, 63, would refund Bernard Dan, who the firm said resigned for physical reasons after holding the vocation for less than two years. Corzine will also succeed Chairman Alison Carnwath, who is retiring.
Corzine will be faced with turning around a partnership that has struggled to apply a promote and was reeling from damage after a broker racked up $141 million of losses in wheat futures. "It appears opposite number a big break for MF Global to get someone of that caliber," said Richard Repetto, an analyst with Sandler O'Neill, adding that Corzine's "tremendous partisan connections" will helper the MF Global in dealing with regulators. Corzine, who disoriented his re-election suggest in New Jersey closing year, joined Goldman Sachs as a agreement saleswoman in 1975 and worked his nature up to co-CEO alongside Hank Paulson.
Corzine played a legend character in plateful Wall Street's reigning bank become publicly traded in 1999. The Illinois inherent was ousted by Paulson, who went on to become U.S. Treasury secretary.
New Jersey voters elected Corzine to the U.S. Senate, where he served five years of a six-year span before being elected governor of New Jersey.
Corzine will be paid a spurious pay of $1.5 million and a sign-on compensation of $1.5 million, MF Global said.
He has a quarry spondulix hand-out of $3 million for the economic year ending March 31, 2011. MF Global also said Corzine was being appointed an operating accomplice at personal fair play unmovable J.C. Flowers & Co LLC, founded by earlier Goldman Sachs banker Christopher Flowers.
Drawing on his Goldman connections elsewhere, Corzine will additionally deal out as the John L. Weinberg/Goldman Sachs & Co Visiting Professor at Princeton University's Woodrow Wilson School of Public and International Affairs. TURNAROUND JOB Outgoing CEO Dan will be there with the performers through May 16 to assistant the transition, the brokerage said. MF Global said it expects take net for its fourth quarter, ending March 31, to be $235 million to $245 million.
Analysts on run-of-the-mill were enceinte return of $260.6 million for the quarter, according to Thomson Reuters I/B/E/S. In February, MF Global posted its fourth equitable every thirteen weeks loss.
Corzine is the most recent ex-Goldman government to filch on a turnaround job. John Thain, a preceding Merrill Lynch CEO and greatest Goldman executive, was hired stand up month to hint CIT Group, which is emerging from bankruptcy.
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