Interactive Brokers’ CEO Thomas Peterffy to step down

Maria Nikolova

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.”

Milan Galik

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.

Read this next

Institutional FX

Deutsche Bank goes live with its FX pricing and trade engine in Singapore

Deutsche Bank has gone live with its electronic foreign exchange pricing and trading engine in Singapore, where demand for currency trading among institutional players is on the rise.

Retail FX

CySEC extends the suspension of Depaho license until November 19

The Cyprus Securities and Exchange Commission (CySEC) has decided to extend further the suspension of the license of the Cyprus investment company Depaho Ltd, which operates the retail FX brands GTCM, FXGM and TRADEAPP.

Retail FX

CAPEX.com introduces QuantX, a tool to build automated portfolio

Multi-licensed broker CAPEX.com has rolled out a new portfolio platform, QuantX, which uses a client’s risk tolerance assessment and other criteria to create fully customized investment portfolios.

Digital Assets

Ripple scores major win: Judge orders SEC to explain…a lot

The SEC is ordered to explain, among other things, how the Howie test applies to XRP, what is the status of Ether and Bitcoin, and the sale of XRP as investment contracts.

Retail FX

Trade CFDs on 900+ of the Biggest Companies this Earnings Season with HotForex

Traders with the internationally acclaimed multi-asset broker HotForex can trade CFDs on the stocks of over 900 companies during Earnings Season with tight spreads, flexible leverage, negative balance protection and the many other advantages that have made it an honest, open and transparent broker of choice to over 2.5 million traders around the world.  

Digital Assets

Polygon (MATIC) double spend bug yields $2 million bounty for developer

Polygon, the Layer 2 solution on top of Ethereum, has recently paid out the highest ever bug bounty in history to a whitehat developer Gerhard Wagner for pointing out a double-spend bug in the network which could have resulted in huge losses if it had been exploited.

Digital Assets

KuCoin aims to become largest social trading platform in crypto

KuCoin was founded in September 2017 and it currently provides Spot trading, Margin trading, P2P fiat trading, Futures trading, Staking, and Lending to its 8 million users in 207 countries.

Digital Assets

Apifiny’s crypto trading network adds Instant Transfers for best bid and offer

Instant transfers significantly enhance Apifiny Connect, allowing traders to more efficiently buy and sell on 25 connected markets across six continents.

Retail FX

iFOREX clients can follow two experts trading in real time

Trading Rooms’ access will be free of charge for active traders who open an account with the broker.

<