IG Group (LSE:
IGG) announced that Chairman Mike McTighe will step down from his position by
the end of 2025, ending a five-year tenure that began during the pandemic in
February 2020.
IG Group Chairman McTighe
to Step
The FTSE
250 trading platform said the succession process is already underway as McTighe
prepares to leave the board of the company that provides access to
approximately 19,000 financial markets worldwide.
“It
has been a great honor and privilege to lead the Board over the past five
years,” McTighe said in a statement. “I am grateful for the trust and
support I have received from colleagues. With solid foundations laid for
stronger growth, I am confident that under Breon Corcoran’s leadership, IG will
go from strength to strength”.
Leadership Transition
Comes During Growth Phase
McTighe’s
departure follows a period of financial recovery for the online broker, which
reported a 24% jump in net profit to £380.4 million for fiscal year 2025. Total
revenue reached £1.07 billion, up 9% year-over-year, while net trading revenue
climbed 12% to £942.8 million.
Key financial metrics of IG Group:
The timing
coincides with CEO Breon Corcoran’s first full year leading the company after
taking the helm in January 2024. Corcoran, who previously led payments company
WorldRemit and betting firm Paddy Power Betfair, has been implementing his
vision for growth at the derivatives trading platform.
Senior
Independent Non-Executive Director Jonathan Moulds thanked McTighe for his
service, saying: “On behalf of the Board and all our colleagues at IG, I
want to thank Mike for his guidance and leadership over the past five
years”.
Experienced Chairman Built
Diverse Portfolio
McTighe
brings extensive board experience across regulated industries, currently
serving as chairman of telecom business Openreach Limited and short-term
financing company Together Financial Services. He also chairs Telegraph Media
Group and the Men’s Professional Rugby Board, positions he took on in 2024.
His
executive career included senior roles at Cable and Wireless, Philips,
Motorola, and GE, while spending over 20 years in non-executive director
positions across various sectors. McTighe also served eight years on
telecommunications regulator Ofcom’s board.
The
chairman will still stand for re-election at IG Group’s Annual General Meeting
on September 17, just two days after announcing his intention to step down. The
company has not disclosed details about potential successors or the timeline
for appointing a replacement.
This article was written by Damian Chmiel at www.financemagnates.com.
Source link