4th Mar 2008 15:40
ICAP PLC04 March 2008 Steve McDermott to stand down from ICAP board London, 4 March 2008 - ICAP plc (IAP.L), the world's premier interdealer broker,announces that Steve McDermott, an executive director of ICAP plc, has requestedfor personal reasons that he stands down as an executive director at the nextboard meeting on 20 March 2008. Michael Spencer, Group Chief Executive Officer, commented, "Steve McDermott hasplayed a critical role in the development of our businesses during the last 22years. He was instrumental in making the merger of Garban and Intercapital in1999 a success and he has served with great distinction on the board of ICAP plcsince then. During that very busy period he played a central role in therecovery of our US business following the tragedy of 9/11 and also theacquisitions of BrokerTec in 2003 and EBS in 2006. I am delighted that Steve will be continuing in his current COO role, but willbe reducing his working hours. He will also continue as a member of the ICAPGlobal Executive Management Group, so that we can continue to benefit from hisextensive knowledge and experience." Contacts: Michael Spencer Group Chief Executive Officer +44 (0) 20 7050 7400Mike Sheard Director of Corporate Affairs +44 (0) 20 7050 7103Neil Bennett Maitland +44 (0) 20 7379 5151 About Steve McDermott Steve McDermott was appointed a director on 28 October 1998 when the company wasknown as Garban plc. He has recently been responsible for overseeing theintegration with EBS and the interface between the Group's voice and electronicbroking businesses. He is Chief Operating Officer for the Americas andpreviously headed ICAP's global electronic businesses. He was appointed adirector of the US operations in December 1995 having joined the foreignexchange business of Garban in 1986. He is also a board member of ColumbiaUniversity's Executive Masters of Science and Technology Management. He is aged50. About ICAP ICAP is the world's premier voice and electronic interdealer broker, deliveringspecialist intermediary broking services to trading professionals in thewholesale financial markets. The group covers a very broad range of OTC(over-the-counter) financial products and services in energy, foreign exchange,interest rates, credit and equity markets, as well as data, commentary andindices. ICAP's daily average transaction volume is in excess of $1.5 trillion,more than 60% of which is electronic. ICAP plc was added to the FTSE 100 Indexon 30 June 2006. For more information go to www.icap.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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