IG Group (LON: IGG) has axed Robert van Eyden from the role of its South Africa Chief Executive Officer as a part of its drive to reduce to 10 percent of the workforce, the London-headquartered brokerage confirmed to Finance Magnates.

Aphindile AB Bokleni, the Chief Operating Officer at the South African arm of IG, has replaced van Eyden to become the CEO of IG Markets SA. Bokleni will continue with his responsibilities as the COO.

“Robert is no longer with the business. Aphindile will be picking up Robert’s responsibilities in South Africa alongside his existing remit,” an IG spokesperson told Finance Magnates.

Cost Cutting Is a Priority

Established in 1974, IG is one of the oldest and largest retail brokers offering trading services with forex, contracts for differences (CFDs), spread betting, and other instruments. It is additionally one of the very few listed FX and CFDs brokers.

At the end of October, the brokerage revealed its plans to reduce its headcount by about 300, which amounts to 10 percent of its total workforce at the end of the fiscal year 2023. The move came as a result of its review of cost-efficiency opportunities as it aims to save £50 million per year.

Management Reshuffle

van Eyden joined IG as the CEO for South Africa in mid-2022. He brought about three decades of experience to the role, which ranges from academic to executive positions in top financial service brands.

Bokleni, the replacement for van Eyden, became a part of IG South Africa in 2015. He started in the role of Trading Services and then became the Client Operations Manager at IG India, according to his LinkedIn profile. He returned to the Trading Services Management Team of IG South Africa in February 2019 and was promoted to the COO of IG South Africa in July 2020.

Meanwhile, June Felix stepped down as the CEO of IG Group last August, citing health issues. She was replaced by Charlie Rozes, the Chief Financial Officer, temporarily, as the broker is looking for a permanent CEO.