Kevin Turner Citadel


Kevin Turner who left the Microsoft COO position in July to
become CEO of hedge fund Citadel Securities, is already out at
Citadel, the company says.

Turner is being replaced by long-time Citadel exec Peng Zhao who
currently serves as vice chairman of Citadel.

Zhao had previously been global head of market making for Citadel
Securities. He joined the company in 2006 and worked his way up
from a senior quantitative researcher role.

Citadel Securities provides automated market making and execution
services. It trades products like equities, equity options, and
interest rate swaps for retail and institutional clients. The
hire of a former Microsoft exec came a time when technology is
becoming an increasing part of the financial system.

However, Turner was never a technologist at Microsoft. He ran
sales and marketing. And he came from the tight-margin world of
retail, cutting his teeth at Walmart, spending nearly two decades
there where he worked his way up from a cashier to chief
information officer and later president and CEO of the
Walmart-owned retailer Sam’s Club.

Turner then spent 11 years at Microsoft and was a major part of
former CEO Steve Ballmer’s brain trust. Turner was at one time

in the running to be named CEO of Microsoft
after Ballmer
announced his retirement. Obviously, the job went to Satya
Nadella instead.

He was known as a tough operator and wasn’t particularly beloved
at Microsoft by the employees, several Microsoft employees told
us. When he left, they took an anonymous chat app called
Blind to basically cheer his departure.

A person close to Citadel tells us that Turner sent a nice note
to the CS team when his departure was announced and Ken Griffin,
CEO of this unit’s parent company Citadel, also publicly wished
Turner well, sending us this statement:

“I am pleased to announce Peng Zhao has been named CEO of Citadel
Securities. I want to thank Kevin Turner for his leadership and
the lasting impact he made on our firm. Kevin has made important
contributions across many areas of Citadel Securities.”

Turner also had polite things to say about Griffin with this
statement: “I want to thank Ken Griffin for his friendship and
support, and for the opportunity to be a part of one of the most
respected financial services companies in the world. I wish him
and the entire team continued success.”