WorldSpreads CEO resigns
Lindsey McNeile appointed executive chairman of the company with immediate effect.
Conor Foley has resigned as chief executive of financial spread betting operator WorldSpreads Group, with Roger Hynes, CEO of WorldSpreads Limited until July 2010, in talks to take over the role on an interim basis.
Foley’s resignation, despite a 60% year-on-year increase in transactions and active client numbers rising 35% for the 12 months ending 31 January 2012, comes after the group predicted an annual loss in a trading update.
These improvements failed to translate into a growth in revenues, however with Foley commenting at the time: “Market conditions since 1 January 2012 have been such that, whilst transaction volumes have been high, revenues have not increased at the same pace.”
During the period the operator launched its mobile trading platform with a contract for difference (CFD) platform to follow this month. It also opened an office in Tel Aviv, and reported strong growth in France and Germany.
Following the trading update it was announced that CFO Niall O’Kelly was to step down after eight years in the role. O’Kelly, who had a year-long notice period, has now been released from WorldSpreads, with an announcement on his replacement to be made “as and when appropriate.”
WorldSpreads has also announced the appointment Lindsay McNeile as executive chairman, and general counsel and group head of compliance Dominic Bacon had been made a director of the company. McNeile had served as non-executive chairman of WorldSpreads since 2007, and has moved to an executive role with immediate effect, while Bacon joined the operator in 2010.