IG Group appoints McTighe as new chairman

Spread betting and contracts for difference (CFD) provider IG Group Holdings has appointed Robert Michael McTighe as the new chairman of its board.

McTighe will officially take up the role on 3 February 2020, replacing Jonathan Moulds who is currently serving as interim chairman at IG Group.

Currently chairman of Openreach Limited, Together Financial Services Limited, and Arran Isle Limited, McTighe has leadership, board and regulatory experience from public and private companies.

McTighe spent the majority of his executive career at Cable and Wireless, Philips, Motorola and GE, while he also served on the board of Ofcom and Postcomm. In addition, McTighe held a number of chairmanships, including at several public company boards.

“I am very excited to be joining IG and look forward to leading the board and supporting June Felix and the executive team as they continue to execute the Group's stated strategy,” McTighe said.

Malcolm Le May, senior independent director and interim chairman of the nomination committee at IG Group, added: “Following the completion of our comprehensive selection and appointment process, I am delighted that Mike has agreed to join the board and welcome Mike to IG as June and the executive execute on the strategy articulated at the investor day earlier this year.”

Interim chair Moulds also said: “Mike brings impressive board and leadership experience in financial services and other regulated sectors, and we look forward to benefitting from his considerable stakeholder management skills.”

Last week, IG Group announced that it expects revenue for the first half of its 2020 financial year to match the prior year's £250m (€296.4m/$328.6m) total, despite a year-on-year decline in revenue from core markets.

Revenue for the six months to 30 November 2018 amounted to £251m, but IG Group said that period benefitted from two months of trading before new European Securities and Markets Authority product intervention measures came into effect.