Tom Joyce from Sanford C. Bernstein & Co. was named as CEO and President on May 30, 2002, ending a five-month search to replace Kenny Pasternak. Since Pasternak's retirement of January 31, 2002, Knight appointed two interim CEO's, Peter Hajas and Tony Sanfilippo. Hajas was named interim CEO on December 18, 2001, effective February 1, 2002. But on January 29, 2002 Sanfilippo was appointed interim CEO, effective February 1, after Hajas abruptly "left the Company to pursue other interests".

Over the last year Knight has lost two thirds of its Executive Management Team: David Shpilberg, John Hewitt, Irv Kessler, Peter Hajas, Kenny Pasternak and Walter Raquet; the surviving members are: Tony Sanfilippo, Mike Dorsey and Robert Turner. Knight experienced its first quarterly loss Q3 2001, followed by an even larger loss Q1 2002, while the share price of NITE plunged to below book value.

Knight finally started a stock buyback program and has begun right sizing the business. The old guard obviously dropped the ball in adapting to decimalization, one cent minimum price variation and a bear market. TJ must lead the turn round of Knight and a return to profitability. He needs to clearly and quickly articulate his vision for the future. It's time to change the company culture from a focus of creating fabulously wealthy executive management to one of supporting shareholder value.

Update: Tom Joyce elected to the Chairman of the Board of Directors effective January 1, 2005.

Update 4/2005: Well it looks like the same old, same old. The executive management continue to rape the company with exorbitant compensation packages, while Knight's profitability and stock price continue to decline.