Spread betting and contracts for difference provider IG Group has confirmed that Andy Green is to step down as its chairman.
Green has informed the board that he intends to depart at the provider’s Annual General Meeting in September this year. He has served in the role since October 2014.
Senior independent director Malcolm Le May will now head up the nominations committee to identify a suitable candidate to replace Green.
“With the completion of the CEO succession, this feels like a good moment to hand over the reins. I wish all the great people of IG success,” Green said. “I look forward to watching the company grow and prosper under June Felix's leadership.”
Le May added: “The board would like to record its appreciation for Andy’s contribution over five-plus years. He has overseen a period of significant regulatory and business change. We thank him for his wisdom and sound counsel throughout his tenure.”
The news comes after IG Group last month reported a quarter-on-quarter drop in revenue for Q3, due to reducing levels of volatility in financial markets, as the provider continues to feel the impact of new regulations from the European Securities and Markets Authority (ESMA).
Revenue in the three months through to February 28, 2019, totalled £108m (€125m/$141.5m), down 12% on £122.1m in Q2.
