- Push-out Score determined
- After less than four years in the position
- Nicolas Breteau taking over
(exechange) — London, United Kingdom, July 10, 2018 — John Phizackerley, chief executive of TP ICAP plc, leaves. It is an abrupt change. As announced by TP ICAP plc in a regulatory filing published on Tuesday, July 10, 2018, John Phizackerley leaves his post as Chief Executive Officer at the world’s largest derivatives broker after less than four years in the role, effective immediately.
Phizackerley’s duties will be taken over by Nicolas Breteau, most recently Head of Global Broking of TP ICAP plc.
“A change of leadership is required to execute our medium-term growth strategy and deliver the detail of the integration process”
Phizackerley’s sudden departure from the CEO post is explained as follows. Rupert Robson, Chairman, said in a fairly blunt statement: “The evolving landscape is driving up costs across our industry. The acquisition of ICAP has given us greater scale to withstand this pressure. The potential for these combined businesses remains extremely compelling and this will be evidenced in the coming years. However, it has become clear that a change of leadership is required to execute our medium-term growth strategy and deliver the detail of the integration process.”
Precise information about Phizackerley’s future plans was not immediately available.
“Leaving his post”
TP ICAP plc said: “TP ICAP announces that John Phizackerley is leaving his post as Chief Executive and as a member of the Board with immediate effect and has been replaced by Nicolas Breteau, subject to FCA approval.”
Share price decline
The change follows a decline in the share price of TP ICAP plc since March 2018.
Chaired by Rupert Robson
TP ICAP plc is chaired by Rupert Robson.
In the position of CEO since 2014
John Phizackerley served as Chief Executive Officer at TP ICAP plc since September 2014.
Push-out Score determined
The Push-out Score™ determined by exechange suggests that push-out forces have contributed to the change.
Read the full story in the exechange report 30.2018 ($).