IBKR appoints Jill Bright to the board in quest for diversity and insight
“We are pleased to welcome Jill to the Board of Directors and will certainly benefit from her accomplished career focused on human capital management and organizational effectiveness.”
Interactive Brokers has appointed Jill Bright as an independent director to add valuable expertise to the Board and reinforce the brokerage firm’s commitment to expand diversity across the company.
The automated global electronic broker has welcomed the 30-year industry veteran, who has previously served as Executive Vice President of Human Resources and Administration for Sotheby’s, held the role of Chief Administrative Officer for LionTree LLC and Condé Nast, and spent over five years in Human Resources at American Express in senior leadership positions.
Jill Bright is currently a Board Director and Chair of the Compensation Committee for WOW Internet & Cable, and also serves on the boards of two private companies, NYC-based Simulmedia and Grand Rapids-based Service Express.
Thomas Peterffy, Founder and Chairman at Interactive Brokers, commented: “We are pleased to welcome Jill to the Board of Directors and will certainly benefit from her accomplished career focused on human capital management and organizational effectiveness. Ms. Bright’s appointment adds valuable expertise to the Board and reinforces our commitment to expand diversity across the company.”
Interactive Brokers ranked largest US electronic broker
Ranked as the largest US electronic broker by some measures, Interactive Brokers’ first-quarter adjusted revenues dropped 27 percent year-over-year, to $645 million compared to $893 million in Q1 2021.
On an adjusted basis, income before tax totaled $441 million, down 19 percent year-over-year from $542 million in the previous year. Diluted earnings per share came in at $0.82 for this quarter compared to $0.98 in Q1 2021.
Amid headwinds from a push to no-fee trading and historically low interest, Interactive Brokers’ commission revenue decreased 15 percent from the year-ago quarter to $349 million. The downbeat figure was attributed to lower stock volume that dropped from an unusually active trading period last year. However, the figure was offset partially by higher customer options and futures trading volumes.
The results for the quarter were also driven by weak growth in interest revenue, which dropped to $282 million, or 8 percent on a yearly basis. This was due to a decline in securities lending activity, partially aided by gains on margin lending and segregated cash balances.
Interactive Brokers offers automated trade execution and custody of securities, commodities, and foreign exchange on over 150 markets, catering to individual investors, hedge funds, proprietary trading groups, financial advisors, and introducing brokers.
Interactive Brokers has recently launched a new feature available through its socially-conscious mobile trading app IMPACT. Carbon Offsets empowers investors to make a lasting environmental difference by easily reducing individual carbon emissions using the same trading platform designed to streamline the sustainable investing process for any investor.