Breaking: IG Group’s CFO and COO Resigns, Q3 FY24 Revenue Remains Flat

Two top executives of IG Group (LON: IGG) have resigned from their roles: Charlie Rozes as the Chief Financial Officer and Jon Noble as the Chief Operating Officer.

Rozes will be stepping down from his role as CFO and Executive Director and will leave the company “to pursue other opportunities.” He will remain in the current position until 31 July 2024 “to ensure a smooth transition.” Meanwhile, Noble will be leaving his role as Executive Director immediately but will remain with the business for a short period to ensure an orderly transition.

The broker is yet to find a replacement for Rozes, as the “process to identify his successor is underway.” It also did not decide on the replacement of Noble yet.

Two Key IG Executives Depart

Rozes joined IG in 2020 as the CFO and held the role of temporary CEO for a substantial period, during the absence of June Felix and after her exit. Noble, on the other hand, is a long-term employee of IG, who joined the broker in 2020 and has been on the board since 2018.

The two high-profile exits came after Breon Corcoran took charge of the broker as the CEO earlier this year.

Commenting on the two exits, Corcoran said: “Charlie and Jon have made a huge contribution to IG's successful development and growth. I wish them every success in their next chapters.”

In recent months, several executives of IG departed. While some exits were part of the broker's decision to reduce its workforce by 10 percent, the reasons for the others were unknown.

Q3 Results

The London-based broker additionally revealed its financials as it ended the third quarter of the fiscal year 2024 with a total revenue of £240.1 million, a quarter-over-quarter increase of 4.5 percent but almost identical to the figures of the corresponding quarter of the previous fiscal year.

According to the official numbers published today (Thursday), the London-headquartered broker generated £176.9 million from over-the-counter (OTC derivatives, which includes forex and contracts for differences instruments, £53.7 million from exchange-traded derivatives, and £9.5 million from stock trading and investments.

The broker generated £35.2 million in interest income, out of which £19.1 million was from the United States. The figure came in line with the broker’s guidance.

Furthermore, the number of active clients in the quarter came in at 266,800: down from 268,600 in Q3 FY23 but increased from 263,600 in the second quarter of the ongoing fiscal year. The total client assets across the business reached another record high of £10.1 billion.

Meanwhile, IG's bets in the US are paying off. tastytrade, a subsidiary of IG in the US, delivered a record quarter with a revenue of $62.6 million. The figure jumped 8 percent quarter-over-quarter and 15 percent year-over-year. IG acquired tastytrade in 2021 in a $1 billion deal.