IG Group officially announced this morning the resignation of its Non-Executive Director Sam Tymms. The move will take effect when Tymms steps down from her role after a Board meeting scheduled for March 20.
Tymms leaves the board of IG Group after six years, during which she shared her expertise in the financial industry with the company. Before joining the brokerage, she held a variety of roles at the UK FSA/FCA.
Tymms is said to be resigning to pursue other interests. During her tenure at the company, she was Chairwoman of the Board Risk Committee. Jonathan Moulds will be replacing her in the leadership role she is vacating.
Moulds has significant experience in the financial industry. During his career in investment banking, he was Group Chief Operating Officer at Barclays Plc and Chief Executive Officer of Merrill Lynch International.
His vast comprehension of the regulatory environment and knowledge of the financial industry are supporting his new Chairman position on the Board Risk Committee. He was also chairman of the International Swaps and Derivatives Association (ISDA) and a serving Advisory Board member of the Association for Financial Markets in Europe (AFME).
Changes at IG Group
IG Group has been facing a difficult year in light of the new regulatory framework in Europe. The company took on a new CEO after Peter Hetherington stepped down and was succeeded by June Felix.
The company recently announced its expansion into the US market, as the relative regulatory security of across the Atlantic made its move appealing despite the significant capital requirements to enter the retail Forex market in the US.
Shares of IG Group are trading close to 52-week lows amid an increasing sentiment that the margins of the industry in Europe are going to get compressed further. Offshore competition in tandem with regulatory arbitrage has caused a flock of retail traders from Europe to Australia and loosely-regulated jurisdictions.
