IG Group CEO to retire after 16 years at online trading firm

IG Group Holdings plc (LON:IGG), a leader in spreadbetting and CFD trading, earlier today published its preliminary financial results for the full year to May 31, 2015.

Peter Hetherington, chief operating officer, will take over as interim boss while the firm starts the search for a permanent chief executive.

Underlying profit before tax down 0.9 percent to 193.2 million pounds.

IG Group also reported a 4.9pc rise in revenues to £388.4m for the year to the end of May, despite the £27m losses sustained in January when the Swiss franc was abruptly untethered from the euro, sending the currency up as much as 30pc during a frantic day of trading.

The move sent the value of the franc soaring and created market turmoil, spelling disaster for some financial firms.

“At IG we take very seriously our regulatory and consumer responsibilities on appropriateness tests for prospective clients. Following this, we have reviewed our robust risk management system and learned lessons”.

Announcing his intention to retire, Howkins said, “After 16 years at IG, seven as CFO and nearly nine as CEO, I have informed the board of my intention to retire”.

IG Group chairman Andy Green added: “The board is disappointed to lose somebody with Tim’s proven leadership skills but fully understands his decision”. Client numbers increased in all regions and the broker expanded in new sectors and markets.

“In my time as chief executive, we have grown earnings per share from 10.88p to an underlying 41.07p, and have gone from less than 10 per cent of our revenue coming from outside the United Kingdom to now nearly 50 per cent”.

During the year, IG launched an execution-only stockbroking product in the United Kingdom, Ireland and the Netherlands and extended it into Germany and Austria after the enxd of the year.

Shares fell 50p to 757p in mid-morning London trading.