UK-based online trading provider IG Group has announced a major leadership change with the appointment of Breon Corcoran, former boss of Paddy Power Betfair, as its new CEO. Corcoran is set to take on the role on January 29, 2024, and will also join the board of the IG Group.
This appointment concludes an extensive global search process initiated following the departure of June Felix from the CEO position in September, after taking medical leave in July. Since Felix’s departure, Charlie Rozes, the group’s Chief Financial Officer, has been serving as the interim CEO. Rozes will continue in this role until Corcoran’s arrival, after which he will resume his duties as CFO.
Corcoran brings a wealth of industry experience to IG Group. He served as the CEO of WorldRemit, a financial services company, between 2018 and 2022. Additionally, he is also the Executive Chairman of Auction Technology Group.
His experience in the gambling sector includes a two-year stint as CEO of Paddy Power Betfair following the merger of the two companies in February 2016, until his departure in January 2018. He was succeeded by Peter Jackson, who is now the CEO of Flutter Entertainment, which includes Paddy Power Betfair.
Before the merger, Corcoran served as the CEO of Betfair for three and a half years and spent nearly eight years at Paddy Power, including a period as its Chief Operating Officer.
Outside the betting industry, Corcoran also gained experience at JP Morgan and Bankers Trust, starting his career as a derivatives trader.
IG Group chair Mike McTighe said: “I am very pleased to announce Breon’s appointment following a comprehensive global search. 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.”
“I am delighted to be joining IG Group,” 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’s appointment follows IG Group’s announcement that it would be reducing its global staff headcount by about 10%, impacting approximately 300 jobs. The decision, confirmed in late October, is part of a wider plan to simplify and streamline the business and follows a review of cost-efficiency opportunities.