Kenneth J. Winston to resign as Interactive Brokers’ Director
Dr. Winston is set to resign as Director of Interactive Brokers effective December 31, 2018.
There are some changes at the top of Interactive Brokers Group, Inc. (IBKR), as indicated in a filing with the Securities and Exchange (SEC).
The brief notice says that Dr. Kenneth Winston has notified Interactive Brokers Group, Inc. that he will be resigning as a director of the broker, effective December 31, 2018.
There is no information about the reasons for the resignation or Dr. Winston’s future plans. His profile on Interactive Brokers’ website says:
- Dr. Winston is Senior Risk Officer at Western Asset Management Company and a Lecturer in Economics at the California Institute of Technology.
- Chief Risk Officer at Western Asset since 2008.
- Chief Risk Officer at Morgan Stanley Investment Management, 2004-2008.
- Member of the Board of Directors of the Institute for Quantitative Research in Finance.
- Expert in areas including quantitative investment and risk management and the financial markets.
- PhD in Mathematics, Massachusetts Institute of Technology.
Dr Winston informed Interactive Brokers of his plans to relinquish 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.
Net revenues were $439 million and income before income taxes was $276 million this quarter, compared to net revenues of $426 million and income before income taxes of $268 million for the same period in 2017. The results for the quarter were driven by strong growth in net interest income, which increased $62 million, or 34%, and higher commissions, which increased $4 million, or 2% from the year-ago quarter.
Across segments, the electronic brokerage continued the solid performance already exhibited in preceding quarters, as pre-tax income and revenues kept climbing. The segment registered income before income taxes of $292 million in the quarter ended September 30, 2018, up 30% from the same period last year. Net revenues increased 21% in annual terms to $444 million on the back of higher net interest income, other income, and commissions revenue.
Interactive Brokers has recently delisted from Nasdaq and its stock is now trading on IEX.