iGaming veteran Breon Corcoran replaces June Felix as IG CEO
Spread betting and CFDs broker IG Group plc today announced the appointment of Breon Corcoran, the former chief executive of Paddy Power Betfair, as its new CEO, effective from January 29, 2024.
Corcoran will also join the board of IG Group, concluding a global search initiated following the departure of the previous CEO, June Felix.
Felix, who took medical leave in July and later agreed to exit the role, was succeeded by Group Chief Financial Officer Charlie Rozes as the interim CEO. Rozes will continue to serve in this capacity until Corcoran assumes his position, after which Rozes will resume his duties as CFO.
Corcoran brings a wealth of experience from his tenure in the financial services industry. Before joining IG Group, he served as the CEO of WorldRemit since October 2018 and is currently the executive chairman of Auction Technology Group.
His prior roles include a two-year stint as CEO of Paddy Power Betfair following the merger of the two companies in February 2016. He also held the position of CEO at Betfair for three and a half years and had an earlier career phase at Paddy Power, including a role as chief operating officer. Outside the gambling industry, Corcoran has worked with JP Morgan and Bankers Trust.
“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,” IG Group chair Mike McTighe said.
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.
