iGaming veteran Breon Corcoran replaces June Felix as IG CEO

abdelaziz Fathi

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.

  • Read this next

    Retail FX

    Lark Funding reopens to US traders, MyFundedFX picks cTrader

    Canada-based prop trading firm Lark Funding announced it will once again welcome clients from the United States.

    Institutional FX

    Cboe FX volume falls to lowest level since summer

    Cboe’s institutional spot FX platform, known as Cboe Spot, today announced its trading volume for the month ending February 2024, which took a step back after a strong rebound in December.

    Retail FX

    ThinkMarkets secures lucrative DFSA license in Dubai

    Melbourne-based broker ThinkMarkets has secured a license from the Dubai Financial Services Authority (DFSA) after it has already incorporated its new subsidiary in the Dubai International Financial Center (DIFC).

    Digital Assets

    New Horizen Lays Out Its Vision Of A Modular, Proof Verification Layer For Web3 Networks

    Horizen is forging a new path for the future of blockchain with its New Horizen initiative, which is building a modular Proof Verification layer that’s dedicated to verifying cryptographic proofs for any settlement layer, beginning with Ethereum. 

    Digital Assets

    Karma3 Labs Raises a $4.5M Seed Round Led By Galaxy and IDEO CoLab to Build OpenRank, a Decentralized Reputation Protocol

    Using OpenRank, developers and web3 companies can build consumer apps where people can discover, use, fund, read, or buy something on-chain without worrying about getting spammed or scammed.

    Digital Assets

    Worldcoin down as Elon Musk sues OpenAI CEO Sam Altman

    Worldcoin’s (WLD) token dropped following news of a lawsuit against related company OpenAI. The lawsuit was filed by Elon Musk and accused OpenAI and CEO Sam Altman of breach of contract.

    Institutional FX

    Exegy’s Liquidity Lamp adds intraday data to outperform S&P 500 by 31.8%

    Exegy has incorporated intraday signals into its AI-powered iceberg order detection tool, Liquidity Lamp. By adding intraday data to a baseline mean reversion strategy, Exegy’s model outperformed the baseline by 10.5% and the S&P 500 (SPY) by 31.8%, respectively in the out-of-sample testing.

    Industry News

    Think Elon Musk backed your crypto exchange? ASIC’s latest reveal may shock you

    In an absolutely shocking turn of events that nobody could have possibly seen coming, the Australian Securities and Investments Commission (ASIC) has bravely stepped forward to reveal that, yes, those videos of Elon Musk passionately endorsing a cryptocurrency exchange are as fake as a three-dollar bill.

    Fundamental Analysis

    Global FX Market Summary: EUR, USD March 1st, 2024

    The ISM’s February Manufacturing PMI is expected to show a slight increase, but remain below the expansionary threshold, while inflationary pressures persist and a Fed rate cut in June is still possible.

    <