Background and Rise
Peng Zhao joined Citadel Securities in 2006 in a quantitative research and technology role. He rose through the firm's leadership ranks and was named CEO in 2017. His background in quantitative research reflects Citadel Securities' identity as a technology-driven firm. He succeeded the firm's previous management structure under founder Kenneth Griffin's close oversight.
The Zhao Era: Expansion
During Zhao's tenure as CEO, Citadel Securities expanded into fixed income and interest rate markets, acquired IMC's NYSE market-making unit (2020), relocated to Miami (2022), and raised $1.2 billion in outside investment (January 2022) — valuing the firm at approximately $22 billion. The firm also generated record revenues in 2020 and reported $9.7 billion in revenue and $4.2 billion in net income in 2024.
Regulatory Period Under Zhao
Citadel Securities' documented regulatory record — including multiple FINRA censures in 2020, the Treasury reporting fine in 2021, and the China settlement in 2020 — all occurred during Zhao's tenure as CEO. The regulatory findings reflect matters at the firm level, not personal findings against Zhao as an individual.
Public Presence
Zhao has maintained a relatively lower public profile than founder Kenneth Griffin, who is more prominent in political and philanthropic activities. Zhao has made public statements in industry forums and media interviews about Citadel Securities' market role and technology strategy. These statements are part of the public record that investors and journalists can reference.