Industry veteran Simon Waugh of CMC Markets is retiring. He has been with the firm since 2007 when he joined as a non-executive director, and he became Chairman in 2013. During his ten year tenure, he has also helped to oversee the company’s development in the Asia-Pacific region.
He will remain Chairman of CMC Markets Group Australia Pty Ltd until the end of 2018. The decision to retain the same board structure in the company’s Australian office reflects the ongoing stockbroking initiative which CMC Markets is on track to launch in partnership with ANZ next year. The company announced the project in March this year.
“I have thoroughly enjoyed my time with CMC and now that the Group has been listed for almost two years, the time is right to retire from the Group Board. I am looking forward to continuing to work with the Group at this exciting time,” Mr. Waugh commented.
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After serving on the Board of CMC Markets for two years, James Richards will become the new chairman after the departure of Mr Waugh. He is currently Chairman of CMC Group’s Remuneration Committee and a member of the Group Audit Committee and Group Risk Committee.
Before joining the firm, he was a partner at Irish law firm Dillon Eustace. With extensive experience in banking and finance, he becomes chairman at a time when compliance is likely to be the main theme of change in the industry in the coming years.
Mr. Richards has valuable experience at a number of law firms specializing in debt capital markets, derivatives and structured finance.
Commenting on the departure of Mr. Waugh, the CEO Peter Cruddas said: “Simon’s experience and input into the business have helped us become a public company. I am delighted that he will continue to be involved with the Group. I very much look forward now to working with James as Chairman; he has made a significant positive contribution to the Board and Company.”