Andrew Constan, global head of equity derivatives at Salomon Smith Barney in New York and a 15-year veteran, is leaving the firm after just 18 months in the top spot. "I am leaving on the best of terms," said Constan, adding that the decision was motivated by a desire for change. Joe Elmlinger, global head of sales and structuring in equity derivatives, will take over the head role.
Constan is known in the equity derivatives world for having a great quantitative mind, according to one former employee. That said, SSB's equity derivatives profits---like many houses--were below expectations last year and this fuelled speculation that Constan may have been scapegoated.
Constan said he has no immediate plans to join a competitor and has made no final decision regarding future plans. Duncan King, a spokesman at SSB in New York, declined comment. Elmlinger declined comment through King.
