Online trading platform IG Group Holdings Plc has appointed the former boss of WorldRemit as CEO.
At the end of October, IG Group announced that it would cull 300 jobs – representing around 10% of its total workforce at the end of FY23 – to make run rate cost savings of £50 million per year.
It has been searching for a permanent CEO since June Felix left due to poor health in August.
It has turned to Breon Corcoran, who was CEO of payments company WorldRemit until 2022 – when plans to IPO stalled – and CEO of Betfair until 2018, when it merged with Paddy Power to create the gambling giant now known as Flutter. He began his career as a derivatives trader at Bankers Trust and JP Morgan.
Corcoran will join IG Group on 29th January 2024 and will be a member of the board.
Established in 1974, IG Group is a London-headquartered FTSE 250 company offering its clients access to 19,000 financial markets through its offices spread across Europe, North America, Africa, Asia-Pacific and the Middle East.
Charlie Rozes remains as interim CEO and group CFO until Corcoran joins, at which point he will continue as group CFO and a member of the board.
Mike McTighe, IG Group chair, said: “I am very pleased to announce Breon’s appointment following a comprehensive global search. He is a proven leader of high performing teams within multinational organisations, with an ability to deliver results for all stakeholders.
“The board is confident that Breon is the right person to lead IG and deliver the next phase of growth. I look forward to working with him.”
Corcoran added: “I am delighted to be joining IG Group. It’s a business I’ve long admired. I look forward to working with the Board and executives to build on its current successes.”
He is currently non-executive chair of Auction Technology Group plc.