IG Group (LON: IGG) announced today (Friday) the appointment of Breon Corcoran as the permanent Chief Executive Officer. The apex role at the London-headquartered brokerage was temporarily held by its Chief Financial Officer, Charlier Rose, following the departure of June Felix in August due to health issues.

IG Finds June Felix's Replacement

Although Corcoran's appointment is now pending regulatory approval, he is expected to join the London offices of the broker on 29 January 2024. He will also take a seat on the Board of the IG Group.

“I am very pleased to announce Breon’s appointment following a comprehensive global search,” said Mike McTighe, IG Group's Chair. “He is a proven leader of high-performing teams within multinational organizations, with an ability to deliver results for all stakeholders.”

“The Board is confident that Breon is the right person to lead IG and deliver the next phase of growth. I look forward to working with him.”

Former Online Gambling Executive Will Take Charge of IG

Although Corcoran is an outsider to the retail trading industry, he will bring three decades of financial services industry experience to his role at IG. He additionally has extensive experience in running online betting platforms.

Most recently, he was the CEO at London-headquartered money transfer firm WorldRemit, a role he held for about four years until his separation last August. He started his career as a derivatives trader, initially working for Bankers Trust and JP Morgan.

Corcoran entered the online betting industry in April 2001 with the role of MD Non-Retail (Digital) at the gambling platform operator Paddy Power, based in Ireland. He was later promoted to Chief Operating Officer and spent about 11 years with the firm. He then became the CEO of Paddy Power's London-based rival, Betfair. During his time at Betfair, he oversaw the merger of Paddy Power and Betfair in 2015 and was appointed to the role of CEO of the merged entity, a role that he held until January 2018.

Commenting on his new role at IG, Corcoran said: "It's a business I've long admired. I look forward to working with the Board and executives to build on its current successes."

Corcoran will take up the charge of IG as the brokerage has been focused on cutting costs and is planning to save £50 million. Under the cost-cutting plan, the broker reduced 10 percent of its workforce, which included its former CEO of South Africa, Robert van Eyden.