Former New Jersey Governor and US Senator Jon Corzine has been appointed as chairman and CEO of MF Global Holdings, effective immediately, the broker announced Tuesday.
"I see a substantial opportunity for the firm to expand its leadership position in serving clients globally in cash and derivatives markets," Corzine said.
MF Global shares shot more than 15 percent higher in late trading Tuesday. Click here for after-hour MF Global stock quotes.
Corzine served as New Jersey governor from 2006 to 2010, after a five-year run in the US Senate. Prior to that, Corzine served as chairman and senior partner at Goldman Sachs , where he worked for 24 years.
There, he led the bank's fixed-income division, helped develop the company's presence in Asia, and took the firm public in 1999.
Corzine will succeed Alison J. Carnwath as chairman and Bernard W. Dan as CEO.
"Jon is now the right person to lead MF Global in its next phase of greater growth and profitability. I wish the firm, employees and shareholders continued success," Carnwath said.
Earlier this month, Corzine, a Democrat, told CNBC that both parties are frustrated with Washington, and that it could have an effect on his party beyond the next presidential election. Corzine lost November's New Jersey election to Chris Christie, the state's first Republican governor in 12 years.
Corzine will appear on CNBC's Squawk Box Wednesday at around 7:05 am.