Interactive Brokers appoints John M. Damgard as Director

Maria Nikolova

The appointment is set to fill an upcoming vacancy on the Board created by the resignation of Dr. Kenneth Winston.

Online trading major Interactive Brokers Group, Inc. (IEX:IBKR) is making changes to its Board of Directors, as indicated by a SEC filing dated December 3, 2018.

On November 30, 2018, the Board of Directors of Interactive Brokers appointed John M. Damgard to serve as a director of the brokerage. The appointment is effective December 1, 2018, and aims to fill an upcoming vacancy on the Board created by the resignation of Dr. Kenneth Winston.

Mr Damgard was the president of the Futures Industry Association and founder, past president and a member of the Institute for Financial Markets. He has no family relationships with directors or other executive officers of Interactive Brokers and is not a party to any transactions requiring disclosure under Item 404(a) of Regulation S-K.

Interactive Brokers explains that Mr Damgard will receive the same compensation as the company’s other non-employee directors.

The Board has determined that Mr Damgard is “independent” under the rules of the Investors Exchange LLC and the United States Securities and Exchange Commission.

In October this year, FinanceFeeds reported that Dr. Kenneth Winston had notified Interactive Brokers Group, Inc. that he will be resigning as a director of the broker, effective December 31, 2018. There was no information about the reasons for the resignation or Dr. Winston’s future plans.

Dr Winston informed Interactive Brokers of his plans to leave the director’s role just a day after the company posted its results for the third quarter of 2018. Interactive Brokers reported diluted earnings per share on net income of $0.51 for the third quarter of 2018, compared to $0.43 for the same period in 2017, and diluted earnings per share on comprehensive income of $0.50 for the quarter, compared to $0.44 for the same period in 2017.

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