Nasdaq names former UBS executive Youngwood as new CFO

By David French and Anirban Sen

NEW YORK (Reuters) -Exchange operator Nasdaq Inc on Tuesday named former UBS Group AG (SIX:) executive Sarah Youngwood as its next chief financial officer, replacing current finance head Ann Dennison, who will leave the company.

Nasdaq said Youngwood will start in her new role on December 1, with Dennison staying on at the second-largest U.S. exchange operator until the end of the year. Reuters was first to report on Youngwood’s appointment.

The move comes as Nasdaq tries under CEO Adena Friedman to reshape itself as a major player in the financial technology industry.

In June, Nasdaq agreed to buy software firm Adenza for $10.5 billion as part of that strategy.

Last year, Nasdaq reorganized its business into three key divisions, as part of its strategy to diversify its portfolio of technology and intellectual property and bolster more high-growth areas as it looked to move away from its traditional focus on equities trading.

Earlier this year, Nasdaq appointed Tal Cohen and Nelson Griggs each as presidents, formalizing the corporate structure the company put in place to boost its efforts in major growth areas, like anti-financial crime software.

Youngwood, who has joint French-U.S. citizenship, was named group CFO at UBS in December 2021 and started in the role in May 2022. Earlier this year, Youngwood left UBS after it completed its deal to buy Credit Suisse.

Prior to her role at the Swiss bank, Youngwood had been at JPMorgan Chase & Co (NYSE:), serving as the financial chief of its Consumer & Community Banking line of business. At JPMorgan, Youngwood held a variety of roles during her 25-year stint at the bank, according to her LinkedIn profile.

Dennison joined Nasdaq in 2015 as chief accounting officer and was elevated to CFO in March 2021. Prior to joining Nasdaq, Dennison served as head of financial reporting at Goldman Sachs Group (NYSE:).