AP NEWS

Greenwich-based Interactive Brokers’ CEO to step down

January 7, 2019

GREENWICH — Interactive Brokers Group announced Monday that founder and CEO Thomas Peterffy would retire as chief executive later this year, with the firm’s president, Milan Galik, set to succeed him.

Peterffy, 74, plans to step down in the third quarter of this year, but continue as board chairman and remain closely involved in the operations of the world’s largest electronic broker by daily average revenue trades. Through his founding and management of Interactive Brokers he has amassed an estimated net worth of approximately $17 billion, ranking No. 48 on the Bloomberg Billionaires Index.

“I put all my energies into building this company for the past 42 years, and there is nothing I would rather do than work here forever,” Peterffy said in a statement. “On the other hand, as I grow older, I must recognize that Milan will do a much better job running the company than I would.

Galik has worked at Interactive Brokers for the past 28 years and has held his current post since 2014. In addition, he has served on the company’s board since Interactive Brokers’ initial public offering in 2007.

“I am deeply honored by the trust Thomas places in me,” Galik said in a statement. “He has been my mentor for 28 years, has been preparing me for this transition for the last four, and I look forward to working with him for many more to come.”

The board is expected to confirm the changes at a Jan. 22 meeting.

“With (Galik) at the helm, the strength of our business and the quality of our platform that delivers our offering will continue to grow as Interactive Brokers becomes the largest broker in the world,” Peterffy said. “I am excited to continue to work with him and make this happen. I intend to remain and work at the company as long as I can remain helpful.”

Interactive Brokers specializes in automated and around-the-clock trading of securities and commodities and foreign-exchange transactions, across more than 120 markets, from an “IB Universal Account.”

The firm serves individual investors, hedge funds, proprietary trading groups, financial advisers and introducing brokers.

In Greenwich, the company maintains offices at the downtown Pickwick Plaza complex and in Greenwich Office Park, off U.S. 1.

pschott@scni.com; 203-964-2236; twitter: @paulschott

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