MF Global Brings Corzine Again to Wall Street
Jon S. Corzine, the former governor of New Jersey, is again in finance.
Mr. Corzine, which is also a former chief executive of Goldman Sachs, is now the chairman and chief executive, of MF Global Holdings, a broker in futures, alternatives and derivatives. He’ll also become a partner at J.C. Flowers & Company, the equity finance firm specializing in financial companies.
MF Global said Tuesday afternoon that Mr. Corzine would dominate from Bernard W. Dan, which resigned from MF Global as chief executive for “personal reasons.” Mr. Dan will remain with MF Global through May 16 help with Mr. Corzine’s transition.
“MF Global is a firm with tremendous potential and excellent talent,” Mr. Corzine in a statement. “I see a substantial opportunity for the firm to expand its leadership position in serving clients globally in cash and derivatives markets.”
J.C. Flowers said in its own statement that it had recommended Mr. Corzine like a replacement for Mr. Dan. The firm is a major shareholder in MF Global: based on Bloomberg News, J.C. Flowers invested a minimum of $300 million in MF Global in May 2008 and controls two seats on MF Global’s nine-member board.
“We know he is very excited by MF Global and its potential for further growth,” a J.C. Flowers spokesman said in a statement. “We are also very proud to have played a role in bringing Mr. Corzine back for the financial services arena.”
Mr. Corzine and J. Christopher Flowers, the eponymous head of the buyout shop, have known each other since their days at Goldman Sachs.
Mr. Corzine, a Democrat, was defeated in the re-election bid in November 2009 by Chris Christie, the Republican candidate.
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