27th Sep 2018 09:10
LONDON (Alliance News) - IG Group Holdings said on Thursday that Chief Executive Peter Hetherington is to step down from his role with immediate effect, though he will remain with the FTSE 250-listed online trading provider until the end of the financial year to help with the transition to his successor.
Shares in IG were down 4.4% at 669.00 pence on Thursday, making the stock the worst performer in London's mid-cap index.
The spread betting firm said it is "well advanced" in its search for Hetherington's replacement, and Chief Financial Officer Paul Mainwaring well take up the additional role of interim CEO until a permanent hire is found.
Hetherington has spent 24 years at IG, having joined as a graduate trainee in January 1994 to become CEO in October 2015.
"As CEO of the group, he has been instrumental in leading the company through a period of significant regulatory uncertainty and further developing IG into a global leader in online trading," said IG in a statement on Thursday.
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