IG Group Executives Resign Amid Flat Q3 FY24 Revenue

IG Group executives Charlie Rozes, the CFO, and Jon Noble, the COO resign and flat Q3 FY24 revenue is shaking its leadership structure. Charlie Rozes, the CFO, and Jon Noble, the COO, will step down as the broker reports £240.1M revenue in Q3 FY24.

Charlie Rozes, serving as the Chief Financial Officer, and Jon Noble, the Chief Operating Officer, have both resigned from their positions at IG Group (LON: IGG).

Rozes will step down from his positions as CFO and Executive Director, aiming to explore other opportunities. He’ll stay until July 31, 2024, ensuring a seamless transition. In contrast, Noble will immediately exit his role as Executive Director but will facilitate a smooth transition before departing.

The broker has not yet secured a successor for Rozes, with the search for his replacement currently in progress. Similarly, a decision on Noble’s successor remains pending.

Top IG Group Executives Resign During Revenue Standstill

Rozes assumed the role of CFO at IG in 2020 and temporarily served as CEO during June Felix’s absence and subsequent departure. Meanwhile, Noble, a longstanding employee, joined IG in 2020 and has been on the board since 2018. These notable departures occurred after Breon Corcoran assumed the CEO position earlier this year. Corcoran expressed appreciation for Rozes and Noble’s significant contributions to IG’s growth, wishing them success in their future endeavors. In recent months, several IG executives have left the company, with some departures linked to a 10% reduction in the workforce, while reasons for others remain undisclosed.

Results of 3^rd Quarter

The London-based brokerage disclosed its fiscal Q3 2024 financials, reporting total revenue of £240.1 million, representing a 4.5% increase from the previous quarter but nearly mirroring the figures from the corresponding quarter of the prior fiscal year. Official figures released on Thursday indicate that the brokerage earned £176.9 million from over-the-counter (OTC) derivatives, including forex and contracts for differences, £53.7 million from exchange-traded derivatives, and £9.5 million from stock trading and investments. Additionally, the brokerage generated £35.2 million in interest income, with £19.1 million originating from the United States, aligning with the brokerage’s guidance.
In the quarter, the brokerage saw its number of active clients slightly decrease to 266,800 from 268,600 in Q3 FY23, though it marked an increase from 263,600 in the previous quarter of the current fiscal year. Additionally, the total client assets within the firm surged to a new high of £10.1 billion.

IG’s investments in the US are yielding positive results as well. Its US subsidiary, tastytrade, achieved a record quarter, generating $62.6 million in revenue. This represents an 8 percent increase from the previous quarter and a 15 percent rise from the same quarter last year. IG’s acquisition of tastytrade in 2021 for $1 billion has proven to be a strategic move.

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