Le Roux quits IG Group to pursue hobbies
Slightly OT from the main thrust of this thread, but given it's IG related, thought some might be interested...
Financial Times, 27 May 2006
Nat le Roux is stepping down as chief executive of IG Group, the company that owns IG Index, the spread betting company.
Mr le Roux, 49, whohas been at IG Group for more than 14 years, saidhe would probably take a year off and pursue hishobbies, which include archaeology.
He is a trustee of the RollRight Stones, just north of Chipping Norton in Oxfordshire, a mystical ancientsite of standing stones that are reputedly under a witch's spell.
Mr le Roux's move overshadowed yesterday's pre-close trading update for the year to May 31, which showed strong trading at the group, thanks in part to its contracts-for-difference (CFD) business.
Mr le Roux, who will give up his responsibilities later this year, replaced Stuart Wheeler, the founder and Tory party donor, as chief executive in 2002.
"My plans are not really formed at the moment," he said. "I certainly don't see myself going on to become the chief executive of any similar business."
He will be succeeded by Tim Howkins, who has been finance director for the past seven years, and was also part of the management buy-out team.
Mr le Roux made an estimated Pounds 7m-Pounds 8m from the reflotation.
"During Nat le Roux's four years as chief executive, IG Group's profits have grown at a compound annual rate of more than 35 per cent," said Jonathan Davie, chairman of IG.
"Tim Howkins has played a major part in the strategic planning and management of the company over this period and is ideally qualified to take the business forward," he added.
IG shares have risen nearly 90 per cent since the group refloated on the stock market in April 2005. They closed down 6 1/2p at 224 3/4p yesterday.
IG said Mr le Roux would remain on theboard as non-executivedeputy chairman and would continue to work as aconsultant to the groupfor, on average, one day a week.
"We know Mr Howkinsto be extremely capableand are therefore very comfortable with him moving into this new role, a move that we would expect tobe completed withoutany disruption to the business," said Justin Bates, an analyst at Numis Securities. He has an adjusted pre-tax profit forecast of Pounds 45.5mfor IG.
IG estimated that itwould report revenue in excess of Pounds 85m, up 37 per cent on the same perioda year ago, while earnings before interest, tax, deprecà -iation and amortisation would rise 42 per cent to Pounds 50m.
IG said that its contracts-for-difference business, which allows investors to bet on derivative instruments, was likely to report growth of about 60 per cent in the year.
It also said that the number of clients it recruited rose by 50 per cent while its sports division would report revenue growth of approximately 30 per cent.
