Alger Capital Management, James Connelly, formerly Alger’s vice chairman and mutual fund chief, was sentenced to one to three years in prison this week for his role in market timing and a subsequent cover-up at the firm. Mr. Connelly is the first senior executive to be sentenced to jail time as a result of the ongoing fund scandal. Ignites, December 18th

NYSE The president of Goldman Sachs Group, John Thain, has been named the new chief executive of the NYSE, replacing replace interim NYSE chairman John Reed. Thain, who has an extensive background in electronic trading platforms has been a critic of the exchange’s 211-year-old reliance on humans to execute trades. He believes the NYSE should move to a “hybrid” system in which large orders in thinly traded stocks are handled by specialists while smaller orders for heavily traded stocks are executed by computers. Washington Post, December 19th

T. Rowe Price, Brian Rogers, who joined T. Rowe Price in 1982, will take over for retiring vice chairman, David Testa , as chief investment officer. Rogers has also been recommended to take over Testa’s duties as a director on the board of the firm’s mutual funds. Reuters, December 18th

Jefferson-Pilot, Dennis Glass, currently the president and COO of Jefferson-Pilot, will take the position of CEO in March. The firm’s current CEO, David Stonecipher, will step down, but maintain his role as chairman of the board. Glass is also expected to become a board member, filling the seat of Kenneth Mlekush, who is retiring in February. Ignites, December 18th

J. & W. Seligman, Richard Schmaltz, the director of investment at J. & W. Seligman, will assume new responsibilities as Seligman’s chief investment officer at the firm on an interim basis. The firm’s previous chief investment officer, Paul Guidone, has reportedly left the firm to start a hedge fund. Ignites, December 18th