There’s been another big move at IG Group, with its Chairman Andy Green to step down in September at the company’s annual general meeting, the firm announced this Monday.
Green has been with the London-listed foreign exchange (forex), contracts-for-difference (CFD), and spread betting brokerage for more than five years. A successor has not yet been named. However, it was revealed that senior independent director Malcolm Le May would lead the search for the next Chairman.
Today’s announcement follows on from June Felix being appointed as the chief executive officer (CEO) last year after IG Group veteran Peter Hetherington left the position. Green has cited the completion of the CEO succession as his reason for moving on.
“With the completion of the CEO succession, this feels like a good moment to hand over the reins. I wish all the great people of IG success. I look forward to watching the company grow and prosper under June Felix’s leadership,” Green said.
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Brokers Struggle Amidst Tightening EU Regulatory Environment
The announcement that Green will be stepping down from his role comes amidst a difficult time for brokers within the retail forex and CFD space in the European Union (EU).
Tightened regulations have not only made operating within Europe and the UK harder but more costly and less attractive for retail traders. As a result, many brokers reported a drop in profits and revenues during the second half of last year, when the new regulations were implemented.
IG Group was not immune to this. As Finance Magnates reported, in the third quarter of its fiscal 2019 the company posted another decline in quarterly revenues as ESMA’s new rules and low volatility have impacted the retail brokers business materially.
Speaking on Green’s departure, Le May added: “The board would like to record its appreciation for Andy’s contribution over five plus years. He has overseen a period of significant regulatory and business change. We thank him for his wisdom and sound counsel throughout his tenure.”