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IG Group appoints former Paddy Power Betfair chief Corcoran as new CEO

| By Robert Fletcher
IG Group Holdings has announced the appointment of Breon Corcoran, the former chief executive of Paddy Power Betfair, as its new CEO.
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Corcoran will take on the CEO role on 29 January 2024 and also join the board at IG Group. 

The appointment concludes a global search process that launched when June Felix stepped down as CEO in September. Felix initially took a period of medical leave in July before agreeing to exit the role.

Group chief financial officer Charlie Rozes has been serving as interim CEO since Felix left. Rozes will remain in the temporary role until Corcoran joins. After this, he will continue as group CFO.

“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 brings industry experience to IG Group

Corcoran joins IG Group from financial services business WorldRemit, where he has been CEO since October 2018. He is also currently executive chairman of Auction Technology Group.

Prior to this, he spent two years as CEO of Paddy Power Betfair after the two businesses merged in February 2016. He stepped down in January 2018 and was replaced by Peter Jackson, who is now CEO of the Flutter Entertainment umbrella company that includes Paddy Power Betfair. 

Corcoran served as CEO of Betfair for three and a half years before its merger with Paddy Power. He also spent almost eight years with Paddy Power earlier in his career, including a spell as chief operating officer. 

Outside the gambling industry, Corcoran worked for JP Morgan and Bankers Trust. 

Breon Corcoran has extensive experience leading multinational fintech companies and delivering on their growth strategies. He was CEO of payments company WorldRemit until 2022 and CEO of FTSE 100 company Paddy Power Betfair until 2018. He began his career as a derivatives trader at Bankers Trust and JP Morgan.

“I am very pleased to announce Breon’s appointment following a comprehensive global search,” IG Group chair Mike McTighe said. “He is a proven leader of high performing teams within multinational organisations, 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.”

IG Group cuts 10% of workforce

The appointment comes just weeks after IG Group announced it is to reduce its global staff headcount by approximately 10%. Details of the decision were announced at the end of October as part of wider plans to simplify and streamline its business.

Approximately 300 jobs will be cut as part of the streamlining strategy. The group says this represents around 10% of its total workforce. Jobs will go by the end of its current financial year.

IG Group said the decision to streamline follows a review of cost efficiency opportunities. This was mentioned by the group during its first quarter results announcement last month. 

Together with other efficiency measures, including expanding the use of its global centres of excellence, IG Group expects to save around £50.0m (€58.3m/$62.9m) per year. IG Group adds that these initiatives will drive operating margin expansion over the medium term.

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