IG Group’s new CEO Breon Corcoran starts today
Today, January 29, 2024, marks the commencement of Breon Corcoran’s tenure as the Chief Executive Officer of IG Group Holdings plc.
This follows the announcement that Charlie Rozes, who served as Interim CEO and Group CFO, will continue in his role as Group CFO and remain a board member.
Corcoran will also join the board of IG Group, concluding a global search initiated following the departure of the previous CEO, June Felix, who took medical leave in July and later agreed to exit the role.
Breon Corcoran brings a wealth of experience from his past leadership roles in multinational fintech companies. His career highlights include serving as the CEO of WorldRemit until 2022 and Paddy Power Betfair until 2018, as well as his early career as a derivatives trader at Bankers Trust and JP Morgan. Currently, he is the non-executive Chair of Auction Technology Group plc.
IG Group cutting 300 jobs toward £10m in structural savings
Corcoran’s appointment comes at a pivotal time for IG Group, which recently announced plans to reduce its global workforce by 10%. This decision, affecting around 300 jobs, is part of the company’s strategy to streamline operations and enhance cost efficiency.
The FTSE 250-listed firm expects to achieve structural savings of £10 million in 2024, with this figure rising to £40 million in 2025 and £50 million in 2026. In addition, variable costs in 2024 are projected to be cut by an additional £10 million due to the continued softer market conditions that have been prevalent since the first quarter.
These measures are being implemented as brokerage platforms, including IG Group, face reduced trading volumes due to wider economic pressures. A decline in active users was reported by IG Group in the first quarter, reflecting broader industry trends.
