IG Group Appoints New CEO – Breon Corcoran

IG Group Holdings PLC announced a leadership change. Effective January 29, 2024, Breon Corcoran will take charge as the new CEO. IG Group is a London-based online trading provider. 

Welcoming Breon – IG Group Appoints New CEO

The appointment of Breon Corcoran is a crucial step for IG Group in light of recent challenges and the evolving financial technology. His entry is expected to drive IG Group’s next growth phase. Corcoran’s leadership is anticipated to strengthen IG Group’s market position, enhance efficiency, and implement new strategies for sustainable growth.

About Breon Corcoran

IG Group's New CEO, Breon Corcoran
Breon Corcoran

Corcoran brings a wealth of experience and a history of successful leadership.

Background and Early Life

Born in July 1971 in Mullingar, Ireland, Breon Corcoran pursued a Mathematics degree at Trinity College Dublin and an MBA from INSEAD. He began his financial career at JP Morgan and Bankers Trust and specialized in derivatives trading.

Experience in Betting Industry

Corcoran began his career in the betting industry at Paddy Power in 2001. He started as the manager of the non-retail business and became COO by 2010. In 2012, he became the CEO of Betfair and played a crucial role in the 2016 merger with Paddy Power. He instituted Flutter Entertainment, a giant in online gaming.

Other Experiences 

  • During his tenure as CEO of WorldRemit from 2018 to 2022, Corcoran led the company’s expansion and technological innovation.
  • Corcoran chairs Auction Technology Group and sits on the boards of Tilney Investment Management Services and Bestinvest, and brings extensive fintech and leadership experience to these firms.

About IG Group

Stuart Wheeler Founded IG Group in 1974. It has established itself as a trendsetter in online trading. The company offers access to approximately 19,000 financial markets. IG Group promotes financial freedom through its innovative trading platforms and educational ecosystem. It has a network spanning Europe, North America, Africa, Asia-Pacific, and the Middle East

What Prompted This Decision?

The search for a new CEO began after June Felix decided to step down. Charlie Rozes assumed the role of interim CEO after June Felix’s departure in September, after a period of medical leave. Rozes, also the Group CFO, will continue his CFO responsibilities upon Corcoran’s arrival.

As of early December 2023, IG Group’s stock price is 717.50 pence, reflecting a 1.6% increase in London’s early trading. However, the past year has seen an 11% decline, highlighting the need for strategic leadership.

IG Group recently announced a workforce reduction of approximately 10%, translating to around 300 jobs. This decision is expected to save the company around £50 million annually. These measures aim to improve operational efficiency and expand margins in the medium term.

Way Forward

Corcoran brings extensive experience in fintech and strategic growth, which could positively impact the company’s future. His track record suggests he can steer current challenges and capitalize on upcoming opportunities. 

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