IG Group Chairman Mike McTighe Steps Down After Five-Year Tenure
IG Group (LSE: IGG) announced that Chairman Mike McTighe will step down from his position by the end of 2025, ending a five-year tenure that began during the pandemic in February 2020.
IG Group Chairman McTighe to Step
The FTSE 250 trading platform said the succession process is already underway as McTighe prepares to leave the board of the company that provides access to approximately 19,000 financial markets worldwide.
"It has been a great honor and privilege to lead the Board over the past five years," McTighe said in a statement. "I am grateful for the trust and support I have received from colleagues. With solid foundations laid for stronger growth, I am confident that under Breon Corcoran's leadership, IG will go from strength to strength".
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Leadership Transition Comes During Growth Phase
McTighe's departure follows a period of financial recovery for the online broker, which reported a 24% jump in net profit to £380.4 million for fiscal year 2025. Total revenue reached £1.07 billion, up 9% year-over-year, while net trading revenue climbed 12% to £942.8 million.
Key financial metrics of IG Group:
£ million (unless stated) | FY25 | FY24 | % change |
Net trading revenue | 942.8 | 844.9 | 12% |
Total revenue | 1,075.9 | 987.3 | 9% |
Adjusted total operating costs | (574.2) | (564.1) | 2% |
Adjusted profit before tax | 535.8 | 456.3 | 17% |
Adjusting items | (36.6) | (55.5) | (34%) |
Statutory profit after tax | 380.4 | 307.7 | 24% |
Basic earnings per share (p) | 106.3 | 79.4 | 34% |
Adjusted basic earnings per share (p) | 114.1 | 90.3 | 26% |
Total dividend per share (p) | 47.2 | 46.2 | 2% |
The timing coincides with CEO Breon Corcoran's first full year leading the company after taking the helm in January 2024. Corcoran, who previously led payments company WorldRemit and betting firm Paddy Power Betfair, has been implementing his vision for growth at the derivatives trading platform.
Senior Independent Non-Executive Director Jonathan Moulds thanked McTighe for his service, saying: "On behalf of the Board and all our colleagues at IG, I want to thank Mike for his guidance and leadership over the past five years".
Experienced Chairman Built Diverse Portfolio
McTighe brings extensive board experience across regulated industries, currently serving as chairman of telecom business Openreach Limited and short-term financing company Together Financial Services. He also chairs Telegraph Media Group and the Men's Professional Rugby Board, positions he took on in 2024.
His executive career included senior roles at Cable and Wireless, Philips, Motorola, and GE, while spending over 20 years in non-executive director positions across various sectors. McTighe also served eight years on telecommunications regulator Ofcom's board.
The chairman will still stand for re-election at IG Group's Annual General Meeting on September 17, just two days after announcing his intention to step down. The company has not disclosed details about potential successors or the timeline for appointing a replacement.