Nasdaq OMX Group, the exchange with $3.2 billion in 2010 revenue, named Lee Shavel CFO and executive vice president of corporate strategy. He replaces Adena Friedman, who left to join Carlyle Group. Shavel, 44, is joining Nasdaq from Bank of America Merrill Lynch, where he was Americas head of financial institutions investment banking. Earlier, he served as head of finance, securities and technology, and global chief operating officer for the financial institutions group at Merrill Lynch.

Paychex, the $2 billion payroll services company in Rochester, N.Y., named Efrain Rivera CFO, treasurer and senior vice president. He succeeds John Morphy, who is retiring. Rivera, 54, has been vice president of finance and administration at Houghton College since 2009. Previously, he was CFO at Bausch & Lomb for two years. Rivera also served as Bausch & Lomb's treasurer and as president of its Canada and Latin America division during his 20 years with the company.

Heartland Payment Systems, a $1.8 billion payment processing services company in Princeton, N.J., named Maria Rueda CFO. She replaces Robert Baldwin Jr., who remains the company's president. Rueda, 54, is joining Heartland from ING Direct USA, where she has been CFO since 2006. Earlier, Rueda spent five years as CFO and financial and operations principal for Bloomberg Tradebook and was CFO for the North American operations of Electra Partners.