(Reuters) - Britain’s IG Group Holdings Plc (IGG.L) named former bank and technology firm executive June Felix as its new chief executive on Tuesday, as it and other online financial trading firms face up to a European regulatory clampdown.
Felix’s appointment follows the departure of company veteran Peter Hetherington last month, a week after IG posted a 4.7 percent drop in revenue for its latest quarter. Shares in IG Group have fallen nearly 20 percent this year.
European regulators have begun to tighten controls on IG and rivals including CMC Markets (CMCX.L) and Plus500 Ltd (PLUSP.L) after huge losses for some ordinary investors in 2015’s surge for the Swiss franc shone a light on the huge leveraged bets offered on the platforms to anyone with a bank card.
Felix previously served as President of payment tech firm Verifone Inc’s Europe and Russia business. She has also previously held senior roles at Citibank (C.N), IBM (IBM.N) and IT consultancy Booz Allen Hamilton (BAH.N), the company said.
“June has a strong track record in strategy and product innovation and has successfully developed businesses of varying scales in the USA, Asia and Europe. Her broad experience makes her ideally suited to take IG forward,” Chairman Andy Green said.
Reporting by Shashwat Awasthi in Bengaluru; editing by Patrick Graham