IG Group (LON: IGG) announced on Monday that its outgoing Chairman, Mike McTighe, has agreed to remain in the role until the company finds his successor. In September, McTighe announced that he would retire from the London-based company by the end of 2025.
The latest announcement indicates that IG Group has not yet agreed on a candidate to serve as its Chairman. The broker also noted that “the search for a permanent successor is progressing well.”
Who Will Be IG’s New Chair
McTighe’s tenure as IG’s Chairman began in February 2020.
He also serves as Chairman of telecoms business Openreach Limited and short-term financing firm Together Financial Services. He also chairs Telegraph Media Group and the Men’s Professional Rugby Board, roles he took on in 2024.
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His executive career included senior roles at Cable and Wireless, Philips, Motorola and GE, and he has spent more than 20 years in non-executive director positions across various sectors. McTighe also served eight years on the board of telecommunications regulator Ofcom.
Despite his retirement plans, McTighe stood for re-election at IG Group’s Annual General Meeting just two days after the announcement.
During his time as Chairman, IG reached new business highs and expanded rapidly.
IG’s Expansion
FinanceMagnates.com recently reported that IG’s trading revenue for the three months between September and November came in at £270.7 million, an increase of 29 per cent year on year.
The company now expects to close the 12 months ending December with total revenue of approximately £1.1 billion, a year-on-year increase of 5 per cent. Net trading revenue is forecast at around £980 million, up about 8 per cent.
Meanwhile, IG is shifting its focus towards cryptocurrencies. It has acquired a crypto exchange licensed in Australia and Singapore, while securing a MiCA licence in Europe and another crypto licence in the UK.
This article was written by Arnab Shome at www.financemagnates.com.
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