Instinet shares tumble on top job turnaround

NEWS Instinet shares fell yesterday after CEO Doug Atkin resigned, less than two weeks after the company warned on first quarter earnings. Instinet, a division of Reuters, said last month it will take a $55m restructuring charge in the first half of 2002 and may report a loss for the quarter ending in March. The company, which provides electronic trading platforms, also said it will cut prices to attract more customers, but will have to reduce capital expenditure this year by $120m to cover the price cuts. Current chief financial officer Mark Nienstedt will take the helm. The company will also lose its chief operating officer, who yesterday announced his retirement. Shares closed down 2.43 per cent at $6.83 on the news.