IG Group (LSE: IGG) has removed Robert van Eyden from his role as South Africa's chief executive as part of its plan to cut jobs to 10%, the London-based broker confirmed.。

IG South Africa Chief Operating Officer Aphindile AB Bokleni succeeds van Eyden as CEO of IG Markets SA。Bokleni will continue to perform the duties of Chief Operating Officer。

"Robert has left his post and Aphindile will take over his job in South Africa while also serving in his current role," an IG spokesman said.。

Cutting costs is a priority

Founded in 1974, IG is one of the oldest and largest retail brokers, offering trading services in foreign exchange, contracts for difference (CFD), spread betting and other instruments.。In addition, it is one of the few listed Forex and CFD brokers。

At the end of October, the company revealed that it planned to cut about 300 jobs by the end of fiscal 2023, equivalent to 10% of its total workforce.。The move comes as the company reviews cost-effective opportunities and aims to save £50m a year.。

Management Reorganization

Robert van Eyden joined IG in mid-2022 as CEO of South Africa。He has about three decades of experience, ranging from academics to executives at top financial services brands.。

Bokleni, who succeeded Robert van Eyden, became part of IG South Africa in 2015.。According to a LinkedIn profile, he started out as a role in Transaction Services and later became a client operations manager at IG India.。In February 2019, he returned to the IG South Africa Transaction Services Management team and was promoted to IG South Africa Chief Operating Officer in July 2020.。

Meanwhile, June Felix stepped down as CEO of IG Group last August, citing health concerns.。Her position is being temporarily replaced by Chief Financial Officer Charlie Rozes as the broker looks for a permanent CEO.。