Interactive Brokers’ CEO Thomas Peterffy to step down
Milan Galik will become Chief Executive Officer of the broker, succeeding Thomas Peterffy in this role.
Online trading major Interactive Brokers Group, Inc. (IEX:IBKR), announces today that it will appoint Milan Galik as its Chief Executive Officer. Mr Galik will succeed Thomas Peterffy in this role.
Mr Peterffy will continue as Chairman of the Board and remain closely involved in the operations of the company that he founded. These changes will occur in the third quarter of 2019, concurrently with Mr. Peterffy’s 75th birthday. Mr Galik has been with the Company for 28 years and has served as its President since 2014. Mr Galik has been a member of the Company’s Board of Directors since its initial public offering in 2007.
Mr. Peterffy stated, “I put all my energies into building this Company for the past 42 years and there is nothing I would rather do than work here forever. On the other hand, as I grow older, I must recognize that Milan will do a much better job running the Company than I would. With him at the helm, the strength of our business and the quality of our platform that delivers our offering will continue to grow as Interactive Brokers becomes the largest broker in the World. I am excited to continue to work with him and make this happen. I intend to remain and work at the Company as long as I can remain helpful.”
Mr. Galik added, “I am deeply honored by the trust Thomas places in me. He has been my mentor for 28 years, has been preparing me for this transition for the last 4 and I look forward to working with him for many more to come. I am lucky to have the support of an amazing executive team, experienced managers and dedicated employees. Together we will continue working on realizing Thomas’ vision for IBKR.”
It is expected that the Company’s Board will formalize these changes at its meeting on January 22, 2019.
The top management changes are announced several months after Interactive Brokers transferred the listing of its Common Stock from the Nasdaq Global Select Market of the NASDAQ Stock Market LLC to Investors Exchange LLC (IEX).
Speaking of management changes, let’s recall that 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.