Ex-MF Global Exec Abruptly Leaves City Post
Thursday, December 08, 2011
The former chief executive of MF Global Holdings Ltd. has abruptly left his job at the New York City comptroller's office.
In a statement on Thursday, the city comptroller office said it has accepted the resignation of Kevin Davis, who started work in September as head of commodities in the comptroller's Bureau of Asset Management.
“We have accepted Mr. Davis’s resignation," the statement said. "Chief Investment Officer Larry Schloss will be assuming Davis’s responsibilities.”
Davis' hiring drew criticism from stakeholders in the city's pension system.
He was chosen because “he was he best applicant for the job,” Larry Schloss told WNYC in a statement last week. Schloss joined the comptroller’s office in 2010 as Deputy Comptroller for Pensions and Chief Investment Officer, and had prior to that served on MF Global’s board of directors.
“Kevin Davis has 26 years of experience in commodities and has run a global business,” Schloss said. “Kevin will help devise a long-term commodities strategy for the pension funds in order to further optimize the investment portfolio.”
MF Global was sued by four public pension systems outside New York. Davis left the company in 2008 after it lost more than 90 percent of its market value.
Davis left MF Global in October 2008, after the firm's market value dropped significantly.