Although Mr. Corcoran won't take office until the end of January, by then IG's interim CEO, CFO Charlie Rose, will take over the company after regulatory approval。

Who is Breon Corcoran?？

Corcoran, a 52-year-old Irish businessman, attended Trinity College Dublin and INSEAD。

Most recently, he was CEO of the cross-border money transfer app WorldRemit。Prior to that, he was CEO of Paddy Power Betfair from 2016 to 2018 and also served as a non-executive director of Bestinvest and Tilney Investment Management.。

Mr. Corcoran began his career at JP Morgan and Bankers Trust, joining Paddy Power in 2001, becoming a director on the board in 2004 and chief operating officer in 2010.。Became CEO of Betfair in August 2012。

IG Group Chairman Mike McTighe said: "Corcoran is a recognised high-performing team leader in multinational organisations with the ability to deliver results for all stakeholders.。The Board believes that Breon is the right person to lead IG and deliver the next phase of growth。"

Challenges for IG Group's New CEO

Mr. Corcoran has extensive experience in both retail gaming and financial services businesses and is the perfect candidate for CEO of IG Group。

However, he joined the company at a difficult time for the online trading industry when transaction volumes were falling and costs were rising.。IG Group recently announced a round of layoffs with a cut of -10.0%。

In 2021, IG Group bought Tastytrade, an options broker and educational institution, for $1 billion, expanding its presence in the United States.。

Competition in the business looks set to intensify, with commission-free broker Robinhood set to open in the UK in 2024, for example, and the current low volatility in the stock market likely to weigh on IG's earnings throughout December, the New Year and beyond.。

Big line rating

Brokers have been generally positive about Breon Corcoran's appointment, with analysts at Barclays believing his strong results at Paddy Power and Betfair mean the appointment will be recognised by the market.。

"With a clear capital allocation framework and now a new CEO, we will look at stocks through cyclical risk and give them an OW rating."。