Sakonnet Technology Announces Management Changes
New York, NY, May 21, 2001 – Sakonnet Technology, a leading provider of online energy trading solutions, announced the appointment of Stephen Sinacore today as Chairman of its Board of Advisors. Thurstan Bannister replaces him as Chief Executive Officer, stepping up from his prior role as Sakonnet’s Director of Business Development. The company co-founders, Eric Min and Alarik Myrin, remain in their respective roles as Chief Operating Officer and Chief Technology Officer.
Stephen Sinacore commented: “In nine months Sakonnet has transformed itself from a development focus to being a leading contender in the energy risk management systems marketplace. We are now in production in the US and Europe with names such as AIG Trading. My role was to manage that shift. I am looking forward to staying involved with Sakonnet’s strategic decisions but in a non-executive role.
“I have worked on and off with Thurstan since 1988 at J.P. Morgan and then at Sakonnet. He has the right skills and energy level for the task. He heads a management team which will succeed in meeting its goals of communicating Sakonnet’s unique value propositions, extending our software’s functionality all the time and providing first-rate support services.”
Thurstan Bannister said: “Sakonnet is indebted to Steve for his leadership at a critical point and we will value his perspective on managing our continued expansion. Critical tasks right now are: expanding the software to cover the power markets and expanding further into Europe.
As Director of Business Development, Thurstan Bannister marketed Sakonnet’s systems and services and was responsible for licensing agreements with clients and subcontractors. Prior to Sakonnet, Thurstan traded and marketed OTC derivatives at J.P. Morgan. He helped build Morgan’s interest rate derivatives pricing and trading systems and credit enhancement mechanisms. Thurstan joined J.P. Morgan in London in 1982, becoming a Vice President and the US$ swap book’s head trader in 1986. Moving to New York in 1988, he started Morgan’s US equity derivatives business in 1990 and reinsurance derivatives group in 1994. He has a masters degree in Economics from Oxford University.
About Sakonnet Technology
Sakonnet Technology is the market leader in Software as a Service (SaaS) for energy trading and risk management. Sakonnet's expert international teams provide an unrivalled level of hosting, support, upgrade and consulting services linked to its advanced Xenon® platform. These services along with Xenon's streamlined interfaces and workflow, transform the end-user experience, resulting in higher productivity, stronger risk control and a trading edge. Sakonnet addresses the needs of energy companies, banks and hedge funds trading in power, natural gas, crude oil and related markets and has offices in New York and London.
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