Peter Hetherington, Chief Executive Officer of IG Group Holdings, is stepping down both from his management role and the Board, effective immediately. The company made the announcement as the search for a new CEO is “well advanced”.
Hetherington, however, will continue in IG’s employment and will help with the transition to his successor until the end of the financial year. Over his 3-year tenure as CEO, IG’s PBT and EPS were up by more than 65%. He now holds the title of Special Advisor at IG Group.
Peter Hetherington commented: “When I joined IG in 1994 the Company employed fewer than 25 people and had revenues of £16 million and profits before tax of £0.8 million. There are today over 1,700 people working in 15 countries with revenues of over £550 million and profits before tax of over £280 million.”
Hetherington works at the organization for over 24 years, having joined as a graduate trainee in January 1994. He became the CEO in late 2015 and led the company through a period of significant regulatory uncertainty. The UK-based CFD broker was a leader in the opposition to the recent ESMA regulation, having even created the website replytoesma.trading as a response.
Andy Green, IG’s Chairman, said: “I would like to extend our sincere thanks to Peter for his tremendous contribution to the Group. Peter has been pivotal to the success of IG during his many years of service, particularly during the last three years during which he has successfully steered the Company through an unprecedented period of regulatory uncertainty whilst delivering strong earnings and profits growth. I particularly commend Peter for his strong ethical leadership of IG and his management of its recent performance. The Company will continue to focus on the delivery of its immediate priorities that Peter has set which the Board believes are successfully positioning IG for its next stage of development.”
“Finally, I would like to thank all of IG’s employees, past and present, for their friendship, hard work and dedication which has make the last 24 years such an enjoyable and rewarding experience. I would also like to thank our hundreds of thousands of clients from all over the world who have put their trust in IG over the years. To our many loyal shareholders, I want to thank them for the faith they show in the Company”, Hetherington added.