MF Global has appointed president and chief operating officer Bernard Dan to the post of chief executive and has tasked him with crafting a growth strategy for the exchange-traded futures and options broker, which is facing tumultuous times.

Dan, who succeeds Kevin Davis, joined MF Global in June 2008. He previously headed the Chicago Board of Trade where he served as president and chief executive officer from November 2002 until July 2007 when the company was acquired by the Chicago Mercantile Exchange.