StoneX Group Inc. (NASDAQ: SNEX) watched its stock sink a bit early Monday, after announcing changes to its executive management team. At its recently concluded meeting of the StoneX Board of Directors several changes to StoneX’s executive management team were approved. These changes include:
• Sean O’Connor, StoneX’s current Chief Executive Officer, will become Executive Vice-Chairman of the Board of Directors;
• Philip Smith, currently a member of StoneX’s executive committee responsible for the Commercial and Payments business segments, will become Group Chief Executive Officer; and
• Charles Lyon, currently a member of StoneX’s executive committee responsible for the Institutional business segment, will become Group President.
O’Connor will continue to be an active member of StoneX’s executive committee with primary focus on longer-term strategy, capital allocation and M&A activity, and his compensation package has been restructured to reflect a focus on share price appreciation and long-term value creation. Smith and Lyon will have general responsibility for managing StoneX’s business and will report to O’Connor.
O’Connor commented as follows on these management changes, “For the last 22 years I have had the enormous privilege and honor of being CEO of StoneX. From small beginnings - less than 10 people and less than $10 million in equity capital - we have now grown into a global financial franchise with nearly 5,000 employees and $3.3bn in market value. As proud as I am of what we have achieved thus far, I am also equally clear that it is now time to transition the management of StoneX to the next generation of very capable leaders.”
SNEX shares subtracted 26 cents to $102.89.
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