Client News > Release

19-05-2010

WorldSpreads Group plc Announces Board Level Changes

The Board of WorldSpreads Group plc has announced a number of directorate changes, subject to the usual regulatory approvals from the UK Financial Services Authority (FSA) for proposed Board appointments, which the Group expects to receive shortly.

Roger Hynes who, as announced on January 27th 2010, was to join the Board of WorldSpreads subject to FSA regulatory approval, has now been appointed to the Board as Group Deputy Chief Executive.
 
Michael J. Foley has been appointed as the Group's Chief Commercial Officer and will be appointed a Director of the Group subject to FSA regulatory approval, which the Group expects to receive shortly.
 
Michael V. Foley, who has served as a Non-Executive Director of WorldSpreads since its formation in 2000, has resigned from the Board with immediate effect.

Dominic Bacon, General Counsel and Group Head of Compliance for WorldSpreads Limited, has replaced Niall O'Kelly as Company Secretary of the Group with immediate effect. Niall O'Kelly remains Group Chief Financial Officer and a Director of WorldSpreads.

Following these changes, Lindsay McNeile will become Chairman of the Nominations Committee and Kevin Moran will become a member of the Remuneration Committee.

Lindsay McNeile, Group Chairman, said: “Although the Company's Memorandum and Articles do not automatically require the resignation of a Director upon reaching a certain age, Michael V Foley, who turned 70 earlier in the year, has nonetheless announced his resignation in accordance with our undertaking at the time of the IPO”.
 
“We are indebted to Mr. Foley for his service to the Group since its inception and for the wise counsel he has offered. We are therefore pleased that he has agreed to remain available to us in a consulting capacity,” said Mr. McNeile.

“We are delighted to confirm Roger Hynes' appointment as Deputy Group CEO. Roger has over 12 years' experience and perspective in the CFD and Spread Betting markets in the UK and overseas and has already demonstrated, at WorldSpreads Limited, his management abilities, energy and imagination. We believe he will help us become a major player, not just in the UK but on a global basis”.
 
“Michael J Foley, who was one of the founders of WorldSpreads, has been responsible for the development of the Group's European expansion programme and will bring to the Board not only his abilities in this area, which is core to the Group's strategy, but also his knowledge of IT, product development and domestic and international partnership relationships”.
 
“Dominic Bacon, who is General Counsel and Group Head of Compliance, will replace Niall O'Kelly as Company Secretary. Dominic not only has many years experience of advising financial institutions on their legal and regulatory obligations, but he has previously been Company Secretary for a number of UK and international banks,” said Mr. McNeile.
 
A further announcement confirming these appointments will be made once WorldSpreads has received the relevant regulatory approvals.