Chris Hill is ready for a new endeavor. He has been named the new chief financial officer of Hargreaves Lansdown. He will take over the position in March 2016. Until then, Simon Cleveland will continue in that role.
Hargreaves’s stocks have declined 2 percent on this new development, making it one of the losers in the FTSE-350 Index. Hargreaves Lansdown’s shares were marginally up in early trade. But news of any staff change is always sure to cause unrest and chaos, and that is evident with this drop.
Tracey Taylor, who had been with the company as finance chief for 15 years, has already left last December.
Last July, IG Group, which has categorically denied allegations coming their way, said that most of their clients had settled their debt with the company. But at the end of last month, their results showed nearly a 1% decrease in profit, and pre-tax of 193.2 million. Profit before tax was down 13%.
Hill’s resignation and the retirement of the Head Executive Tim Howkins, which should start in October, are sure to rattle the company.
IG Group Holdings PLC is trading low at 718 in London. This shows an increase for the year of 15.42 percent. The 2.65 billion dollar company have a median target of gbx 747.70, 840 for the high and 670 for the low. That median price shows a 3.32% increase compared to the previous close of GBX 723.50
IG Group provides an online brokerage firm and trading services to retail investors, such as Hargreaves, whose platform allows retail investors to access investment funds.
According to their PR manager, these recent drops are nothing to worry about. Turnover causes confusion in the beginning, but we have every confident these are the right moves, and our profits will bear that out.