StoneX Group announced notable changes to its executive leadership on Monday, with Philip Smith set to assume the role of Group Chief Executive Officer.
Philip Smith to Become StoneX CEO
The changes were approved at the company’s recent Board of Directors meeting and mark a strategic transition in the organisation’s leadership structure.
Current CEO Sean O’Connor, who has led StoneX for 22 years, will step down to become Executive Vice-Chairman of the Board of Directors.
He will focus on long-term strategy, capital allocation, and mergers and acquisitions while continuing as an active member of the executive committee.
The company said O’Connor’s compensation will be restructured to reflect his focus on driving share price appreciation and long-term value creation.
Smith, currently responsible for StoneX’s Commercial and Payments business segments, will oversee the company’s operations in his new role.
He will work closely with Charles Lyon, who will take on the position of Group President, overseeing the Institutional business segment. Both executives have been with the company for over 20 years, ensuring continuity in leadership.
O’Connor commented: “From small beginnings – less than 10 people and less than $10 million in equity capital – we have now grown into a global financial franchise with nearly 5,000 employees and $3.3bn in market value.
“As proud as I am of what we have achieved thus far, I am also equally clear that it is now time to transition the management of StoneX to the next generation of very capable leaders. Philip, Charles and I have all worked together for over 20 years and I am confident that under their leadership our incredible track record will continue well into the future.”
Additionally, Glenn Stevens, head of the Self-Directed/Retail business, will retire at the end of 2024, concluding his tenure following StoneX’s acquisition of Gain Capital.
