10th Aug 2015 08:40
LONDON (Alliance News) - FTSE 100-listed fund supermarket and stockbroker Hargreaves Lansdown PLC on Monday said it has hired Chris Hill as its new chief financial officer, poaching him from FTSE 250-listed spread betting and contracts-for-difference company IG Group Holdings PLC and leaving IG nursing the loss of a second key executive in a matter of weeks.
Hill is expected to take up the role at Hargreaves in March 2016, until which time Simon Cleveland will continue to act as interim chief financial officer. Cleveland took over at the end of June following the departure of Tracey Taylor, who had served as chief financial officer for six years at the end of 15 years working at the company.
"We are delighted to welcome Chris. He has a highly relevant financial services background and will bring new skills and expertise to the board," said Hargreaves Lansdown Chairman Mike Evans.
Hill joins from IG, where he has been chief financial officer for the last four years. He also worked for foreign exchange provider Travelex and US conglomerate General Electric in the past.
His departure is the second IG has experienced in recent weeks, following the news that Chief Executive Tim Howkins will leave the company in October following its annual general meeting. Howkins told reporters he was stepping down in order to spend more time relaxing and travelling.
Howkins is set to be replaced on an interim basis by chief operating officer Peter Hetherington, who has put his name in the hat to take over on a permanent basis and who received praise from Howkins as he confirmed the search for his successor would start immediately.
"The board would be negligent in its obligations if it didn't look further afield and make sure it has run a true and fair selection process," Howkins said, while telling reporters Hetherington is a strong candidate to take over.
IG Group Chairman Andy Green said on Monday the company will start the search for Hill's successor immediately.
"We are disappointed to lose Chris, but we understand his decision. Chris has provided great service to IG over the last four years and has played an important role as part of a leadership team that has set out a clear strategic vision for IG," Green said.
"The board will commence, with immediate effect, a thorough search and selection process for Chris's successor, considering both internal and external candidates. In the meantime, Chris will continue in his current role to ensure we have an orderly handover of responsibilities," Green added.
The departures come after IG said its pretax profit fell in the financial year to the end of May, primarily thanks to a GBP27 million hit the group took when the Swiss National Bank removed the Swiss franc's cap against the euro.
IG briefly confirmed on Monday that it is trading in line with its expectations.
Hargreaves Lansdown shares were up 0.6% to 1,188.00 pence on Monday, while IG shares were down 1.0% to 716.50 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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