IG Group chief executive steps down for mid-life break

Nat le Roux is stepping down as chief executive of spread betting company IG Group to “do something completely different”.

Tim Howkins, the finance director, becomes the new chief executive.

Mr Le Roux, 49, will remain on the board as non-executive deputy chairman and do some consultancy work for IG one day a week dealing with several overseas projects.

He said: “I won’t be going to any competitor or head up any company in the same sector. This is a move away from the industry as well as IG.”

He is considering going back to university next year to do a PhD, possibly in psychology.

Mr Howkins, 43, joined the company in 1999 from chartered accountants Rees Pollock. He was part of the £143m management buyout of IG Group, led by Mr Le Roux and backed by private equity firm CVC Partners in September 2003. The management team then re-listed the company in a £393m flotation last year.

Mr Le Roux retains a 4.6pc stake worth £34.3m at yesterday’s close that is locked in under the terms of the float.

Mr Le Roux has said he will sell some shares this July when they become partially unrestricted. The lock-in period ends fully in July 2007.

IG Index said in a pre-close update that it expected revenues to increase by at least 37pc to more than £85m for the year to May 31.

The shares slipped 3¼ to 228p.

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