WorldSpreads UK CEO steps down

Written by Editor Friday, 16 July 2010 10:11

CEO of spread trading providers WorldSpreads Limited steps down for personal reasons.

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WorldSpreads Group Plc (LON:WSPR) shares are lower 0.66% on Friday morning after the announcement that Roger Hynes has resigned with immediate effect as chief executive of the company’s UK spread betting division.

The spread trading division in the UK is registered as WorldSpreads Limited.

Hynes has only been in the job for less than six months.

Hynes said he was stepping down as a member of the group’s Board and from his role as CEO of WorldSpreads Limited for personal reasons.

Hynes was appointed CEO of WorldSpreads Limited in January after joining the company from spread betting rival CMC Markets. Hynes was also recently appointed deputy chief executive of WorldSpreads Group.

WorldSpreads Group CEO Conor Foley will resume his previous role as CEO of the company’s UK division in addition to his group responsibilities with immediate effect.

While likely to be a big blow to the company, Hynes leaves WorldSpreads in good shape financially, with the company recently reporting an 85 per cent increase in revenues from continuing operations to €12.9m for the year ended March 31st.