Last week we reported on the departure of Jon Squires from Capital.com and speculated that his replacement would a financial service insider, somebody with plenty of operational and hands-on experience in the sector, on their CV.
We were spot on as Capital.com has signed Peter Hetherington as their new Group CEO.
Mr Hetherington is best known as the former COO and CEO of IG Group, having joined the firm in 1994, and worked his way up the corporate ladder, holding several senior management and leadership roles at the company during his tenure.
Peter Hetherington stepped down as CEO of IG in 2018 but rather than retire he took on the role of CEO at Schroders Personal Wealth, a joint venture between the fund manager and Lloyds Banking Group.
However, Mr Heatherington, who has a can-do attitude, was said to have been frustrated by the lack of progress at the joint venture, during his time there and he soon moved on.
Having started his city career as quoting dealer and head trader, Mr Hetherington has always liked to be close to the trading floor, and by joining Capital.com at this stage in its development he will have a chance to use his 25 years of experience in the broking industry to its full effect.
There is also the possibility that we might see more former IG employees joining Capital.com in the coming months.
Peter Hetherington is a great acquisition for Capital.com as there are few people in the margin trading industry that have his level of experience in, and knowledge about the business.
However, that’s not to underplay the challenges now faced by the retail brokerage industry following the massive sell-off in growth stocks and cryptocurrencies, both of which were popular memes among retail traders.