IG Group Holdings plc (LON:IGG), a leading online trading services provider, has announced that at its Annual General Meeting held earlier today, Tim Howkins, Chief Executive Officer, formally retired from the company.
The announcement follows that from July this year, when Mr Howkins first voiced his intentions to step down from the leading role.
Peter Hetherington, a Board member since 2002 and previously Chief Operating Officer will assume the role of Interim Chief Executive.
Tim Howkins commented:
“After 16 years at IG, seven as CFO and nine as CEO, I will feel a mixture of pride, sadness and excitement. Pride in the 16 years I’ve spent here and the growth the company has experienced in my time, with revenue rising from £12 million to an underlying £400 million. Sadness, as it has been a great place to work and I’ve made a lot of good friends over the years and lastly, excitement at the next stage of my life and the new adventures ahead. I leave the company in great shape with an extremely talented senior management team and a number of exciting initiatives in the pipeline over the coming years.”
Peter Hetherington
Peter Hetherington, who takes the role of interim chief executive officer at IG, brings with him more than 20 years of experience in the business.
He was an officer in the Royal Navy prior to joining IG Group as a graduate trainee in 1994. In 1999 he became head of financial dealing, and in 2002 he joined the Board following his appointment as chief operating officer. Initially as COO Mr Hetherington ran IT at IG as the company became principally an online business. Over the years, he has overseen most parts of the business, including dealing, IT, risk, client services, sales and marketing.
Mr Hetherington graduated from Nottingham University with a degree in Economics, and from the London Business School with a Masters in Finance.
To view the official announcement from IG Group, click here.