November 14, 2018

Ideanomics CEO Wu to step down

HBJ PHOTO | MATT PILON
HBJ PHOTO | MATT PILON
Bruno Wu is stepping down as CEO of Ideanomics, which is building a $283 million tech hub at UConn's former West Hartford campus.

West Hartford-bound fintech Ideanomics on Wednesday announced its CEO will step down as he begins leading the company's China-U.S. relations committee as part of a nongovernmental organization.

The fintech, which purchased UConn's former West Hartford campus for $5.2 million to build a $283 million tech hub there, said CEO and chairman Bruno Wu is required to step down as its chief executive because of his level of interaction with government officials.

Ideanomics said it elevated co-CEO Brett McGonegal, who joined the company in September, to succeed Wu, who will remain as special advisor to the company's board of directors. Wu will also continue as CEO and chairman of media and investment company Sun Seven Stars, Ideanomics' largest shareholder.

McGonegal works out of the company's headquarters in China and New York. He formerly served as CEO of Hong Kong-based investment bank The Reorient Group. Prior to Reorient, he was co-head of equity sales and trading for financial services firm Cantor Fitzgerald.

In other actions Wednesday, Ideanomics tapped Alex Yao, CEO of Sun Seven Stars' majority-controlled fintech and digital finance arm, as its board chairman. Yao is a managing partner of Long March Capital, an investment management and advisory firm focused on mining and infrastructure.

The company also named Richard Frankel as the board's executive vice chairman. Ideanomics says Frankel is an expert in risk identification and mitigation strategies, as he previously served more than 25 years as associate director of national intelligence and senior FBI representative to the Office of the Director of National Intelligence.

Also Wednesday, Ideanomics posted a third-quarter net loss of $7.4 million despite its revenues climbing 45 percent.

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