Financial and Business News

StoneX Names New CEO in Leadership Shift After 22 Years

Monday, 09/12/2024 | 14:06 GMT by Tareq Sikder
  • Philip Smith Appointed as CEO as Sean O’Connor Becomes Executive Vice-Chairman.
  • Recently, the firm's digital asset unit received approval to operate as a VASP in Ireland.
Philip Smith, StoneX

StoneX Group Inc. (NASDAQ: SNEX) has announced significant leadership changes. Philip Smith has been appointed Group Chief Executive Officer, succeeding Sean O'Connor, who will transition to Executive Vice-Chairman after serving as CEO for 22 years.

StoneX Restructures Executive Team

Smith, who previously led the Commercial and Payments segments, will now oversee the entire company. Charles Lyon, former head of the Institutional business segment, has been named Group President. Both Smith and Lyon will report to O'Connor, who will focus on long-term strategy, capital allocation, and M&A activity.

Sean O'Connor
Sean O'Connor, Source: LinkedIn

Additionally, Glenn Stevens, leader of the Self-Directed/Retail business segment, will retire at the end of 2024. Stevens joined StoneX after the acquisition of Gain Capital Inc. in 2020, a company he co-founded.

Sean O'Connor reflected on the transition: "For the last 22 years I have had the enormous privilege and honor of being CEO of StoneX. From small beginnings - less than 10 people and less than $10 million in equity capital - we have now grown into a global financial franchise with nearly 5,000 employees and $3.3bn in market value."

StoneX Gains Irish Digital Asset License

Meanwhile, StoneX Group's digital asset ambitions have advanced with approval from Ireland's central bank for its digital asset unit to operate as a virtual asset service provider (VASP). The approval, granted to StoneX Digital International, enables the company to offer digital asset services to institutional clients in the European Union, as reported by Finance Magnates.

Brian Mulcahy, CEO of StoneX Digital, emphasized the company's commitment to providing secure, compliant, and reliable solutions in the digital asset space. The license will allow StoneX to expand its services in evolving markets, meeting the demand for institutional-grade digital asset capabilities.

The new license supports StoneX's prime brokerage services by offering execution, custody, liquidity, and trading tools with API integration options.

StoneX Group Inc. (NASDAQ: SNEX) has announced significant leadership changes. Philip Smith has been appointed Group Chief Executive Officer, succeeding Sean O'Connor, who will transition to Executive Vice-Chairman after serving as CEO for 22 years.

StoneX Restructures Executive Team

Smith, who previously led the Commercial and Payments segments, will now oversee the entire company. Charles Lyon, former head of the Institutional business segment, has been named Group President. Both Smith and Lyon will report to O'Connor, who will focus on long-term strategy, capital allocation, and M&A activity.

Sean O'Connor
Sean O'Connor, Source: LinkedIn

Additionally, Glenn Stevens, leader of the Self-Directed/Retail business segment, will retire at the end of 2024. Stevens joined StoneX after the acquisition of Gain Capital Inc. in 2020, a company he co-founded.

Sean O'Connor reflected on the transition: "For the last 22 years I have had the enormous privilege and honor of being CEO of StoneX. From small beginnings - less than 10 people and less than $10 million in equity capital - we have now grown into a global financial franchise with nearly 5,000 employees and $3.3bn in market value."

StoneX Gains Irish Digital Asset License

Meanwhile, StoneX Group's digital asset ambitions have advanced with approval from Ireland's central bank for its digital asset unit to operate as a virtual asset service provider (VASP). The approval, granted to StoneX Digital International, enables the company to offer digital asset services to institutional clients in the European Union, as reported by Finance Magnates.

Brian Mulcahy, CEO of StoneX Digital, emphasized the company's commitment to providing secure, compliant, and reliable solutions in the digital asset space. The license will allow StoneX to expand its services in evolving markets, meeting the demand for institutional-grade digital asset capabilities.

The new license supports StoneX's prime brokerage services by offering execution, custody, liquidity, and trading tools with API integration options.

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About the Author: Tareq Sikder
Tareq Sikder
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A Forex technical analyst and writer who has been engaged in financial writing for 12 years.

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