Exchange giant NYSE Euronext today signalled its determination to press ahead with its technology revolution and compete more effectively with new tech-savvy rivals by appointing a senior IBM manager to replace long-time Euronext chief Jean-François Théodore.

Dominique Cerutti, the general manager of IBM's interests in south-west Europe, will replace Théodore as deputy chief executive of the NYSE Euronext group and as chairman of Euronext's managing board and president of Euronext Paris at the end of the year.