Interactive Brokers’ Board of Directors formalizes changes at the top
At a meeting held last week, Interactive Brokers Board of Directors appointed Milan Galik to serve as the company’s Chief Executive Officer effective October 1, 2019.
The Board of Directors of electronic trading major Interactive Brokers Group, Inc. (IEX:IBKR) has formalized the changes at the top of the company. This is indicated by a SEC filing.
The document says that on January 22, 2019, Interactive Brokers’ Board of Directors appointed Milan Galik to serve as the Company’s Chief Executive Officer effective October 1, 2019. Mr Galik, age 52, joined Interactive Brokers in 1990 as a software developer and has served as President of the Company and IBG LLC, the holding company for Interactive Brokers’ businesses, since October 2014.
Mr Galik served as Senior Vice President, Software Development of IBG LLC from October 2003 to October 2014. In addition, he has served as Vice President of Timber Hill LLC, a subsidiary of the company, since April 1998 and serves as a member of the board of directors of the Boston Options Exchange.
Mr Galik received a Master of Science degree in electrical engineering from the Technical University of Budapest in 1990.
The changes at the top of the broker were first announced in early January this year. Back then, Interactive Brokers said Mr Galik will succeed Thomas Peterffy in the role of CEO. Mr Peterffy will continue as Chairman of the Board and remain closely involved in the operations of the company that he founded.
Several days after that, Interactive Brokers submitted a filing with the Securities and Exchange Commission about a trading plan. The document states that Thomas Peterffy, Chairman and Chief Executive Officer of the broker, and his affiliates, intend to adopt a trading plan in accordance with Rule 10b5-1 of the Securities and Exchange Act of 1934 and Interactive Brokers’ Employee Trading Policy.
Following the Company’s July 2019 earnings announcement, an annually renewable trading plan will be adopted pursuant to which approximately 20,000 shares of Class A common stock will be sold each trading day at prevailing market prices, subject to any minimum price and volume thresholds and other terms to be set forth in the trading plan.